Downtown Los Angeles, known for its iconic skyline and bustling urban vibe, is currently buzzing with excitement over a unique opportunity: what looks like a city-wide sale on some of its most prestigious residential and commercial building properties.
From historic buildings to modern skyscrapers, the market is abuzz, calling on savvy investors and eager buyers alike, looking to snag a piece of LA’s vibrant landscape.
Keep it in the family!
Recent Case in Point: the 612 S. Broadway building, a true gem steeped in architectural history. Erected as Desmond’s Department Store in 1924, this six-story, approximately 80,000-square-foot creative office and retail property recently changed hands for a cool $16 million.
Fully refurbished under the skillful guidance of local architects Omgivning, the building now houses Sketchers at its base and has been transformed into a cutting-edge creative office space. The building’s potential was recognized by a private investment group that identified a unique buying moment in the market to acquire a trophy asset at below replacement value.
The property, brokered by a distinguished team from Cushman & Wakefield, has been purchased by a local family law office that plans to relocate their operations to the space.
Originally designed by the renowned architect A.C. Martin, 612 S. Broadway stands as a testament to LA’s architectural heritage.
“The successful sale and subsequent occupancy by the buyers are a positive indicator of Downtown LA’s recovery and growth,” said Erica Finck, Senior Director of Cushman and Wakefield. “It’s encouraging to see local firms expanding and investing in the area, contributing to the revitalization and economic development of the historic core.”
Spring Street Twins Up for Grabs
Iconiq Capital has set its sights on selling their two prestigious apartment towers managed by Sentral, located at 732 and 755 Spring Street, and the sale price is more than astonishing.
Originally branded as Griffin and the Grace on Spring, both marvels of modern architecture designed by MVE+Partners, stand tall with 24 stories each, offering a combined 575 units and 12,500 square feet of retail space. From gyms to rooftop areas, yoga studios to swimming pools, these towers epitomize sophisticated urban living.
Brokered by a team led by JLL’s Blake Rogers, the properties are now being offered at a “significant discount to replacement cost,” making the listing price less than $575 million for both buildings, indicating that the selling price is considerably lower than what it would cost to construct buildings of similar quality and size today.
Originally developed by Holland Partner Group in 2019, these towers were acquired by Iconiq Capital for $403 million. Fast forward: in a strategic move aimed at long-term ownership and urban investment, downtown saw the property evicting 148 tenants from the two buildings in 2023 compared to only eight in 2019, and claims to have since replaced its COVID-damaged tenants with what they are calling more a credible and affluential crowd. What a steal.
Mystery Shoppers Only
Officially known as Graffiti Towers, the art gallery on Google, Oceanwide Plaza has again downtown Los Angeles, once again abuzz with speculation as an unidentified mystery buyer emerges to potentially rescue the beleaguered construction site. This half-finished, $1.5 billion investment, once a symbol of Chinese development in the city, became a project mired in bankruptcy, vandalism, daredevils, and creditors circling above it like vultures.
DTLA community members have turned to social media to speculate on just who the mysterious buyer could be. Could it be Rick Caruso, the famed developer turned politician who lost the mayor’s seat to Karen Bass, looking for ways to show voters his developer chops in time for the next election?
Or villainized Geoffrey Palmer, already accused of looking to purchase just to convert the promised retail spaces and enormous LED lights into his signature blank terra cotta Venetian bases.
Whoever the mystery shopper is, their willingness to take on this colossal, graffiti-covered challenge has sparked a citywide guessing game.
