LOS ANGELES-San Francisco-based The Swig Co. has completed its purchase of 617 W. Seventh St., a 12-story building totaling 218,000 square feet of office and retail space in downtown Los Angeles. Although Swig would not disclose the purchase price, an unidentified source tells GlobeSt.com that it sold for approximately $39 million or roughly $200 per square foot.
This is Swig’s second acquisition in Southern California in the last 90 days. In late October, as GlobeSt.com reported, the company purchased 595 N. Colorado, an eight-story office building in Pasadena, CA. And last month, the Swig Company closed on the sale of ARCO Center in Long Beach, as GlobeSt.com reported, to the building’s major tenant, Molina Healthcare for $81 million. The Swig Company’s portfolio includes commercial properties in California, New York, Texas and New Jersey.
The Swig Co. previously revealed—at the time of its Pasadena acquisition—that its long-term goal is to expand its presence in Southern California.
The seller in this deal was a joint venture sponsored by Lakewood, CO-based Alliance Commercial Partners. The seller was represented by Richard Plummer, Andrew Harper, Michael Ross and Gibran Begum of Grubb & Ellis.
“617 West Seventh fills a niche in the downtown Los Angeles marketplace, offering non-traditional, exposed brick creative office space characterized by efficient floorplans, abundant natural light, modern amenities, modern infrastructure and unique historic architectural features that appeal to a wide range of tenants, whether professional services, technology, fashion or other creative space-users,” explains Jeanne Myerson, CEO of the Swig Co., in a prepared statement. “We look forward to building upon the building’s past success and cementing its reputation as the top quality location for creative office space in downtown L.A.’s changing marketplace,” she adds.
Current tenants include international architectural design firm Perkins + Will, full service consulting engineers Glumac, software developer Cyberdefender and the Chicago School of Psychology. The ground floor houses a Walgreens pharmacy.
Built in the 1920s, the building was “extensively renovated” in 2001 with upgrades to the building systems, including HVAC, electrical service and elevators.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
