The Broadway corridor’s historic 612 S. Broadway building in Downtown Los Angeles has been sold.
The six-story, approximately ±80,000-square-foot creative office and retail property that has been hosting the popular Sketchers brand store at its base and co-working spaces as a whole was sold for $16 million and was brokered by a distinguished team from Cushman & Wakefield. The buyers are a local family office that intends on moving their operations into the space.
Originally built in 1924 as Desmond’s Department Store and designed by the renowned architect A.C. Martin, 612 S. Broadway stands as a testament to LA’s architectural heritage. The building most recently underwent a comprehensive redevelopment, overseen by local female-led architect firm Omgivning, transforming it into a state-of-the-art creative office space upon its completion in 2020.
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 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.”
As the area continues to present itself to some of the most prominent businesses and institutions around the globe, with the recent sale, the outlook for this historic submarket, also known as SOBRO, is becoming increasingly optimistic.
