The building is located at 548 S. Spring St. The property was 70% leased at the time of sale. The purchase was not a strict investment deal, according to the broker, but rather was bought for its potential as mixed use.
The upper half of the 12-story, historic office building built in 1923 will be converted to residential use, possibly within a year's time. The lower half will remain for office use.
This is the first adaptive reuse deal to offer mixed residential and office in the downtown area. Ed Rosenthal of Grubb & Ellis' Los Angeles office represented both the buyer and the seller in the transaction.
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