LIVWRK and Daniel Kotzer Partner on L.A. Arts District Redevelopment
The partnership acquired a historic 63,100-square-foot property for $20 million with plans to redevelop it into class-A office property.
LIVWRK and Daniel Kotzer has formed a partnership to redevelop a historic property in the Los Angeles Arts District. The partnership acquired a 63,100-square-foot building for $20 million and plan to reposition the asset into AtTraction, a class-A office and lifestyle property. Construction will begin this week, and is estimated to open in early 2023.
Located at 800-810 Traction Ave., the two-building property was originally home to the Joannes Brothers Company, a coffee, tea, and spice processor and wholesaler, and then in the mid 1950s, the Los Angeles Desk Company occupied the building.
Now, it will be transformed once again. The partnership plans to upgrade the exterior and entrance of both buildings, add a rooftop patio deck on the top of the 800 Traction, which has views of Downtown Los Angeles, and install a gated patio space at 810 Traction. Upon completion, the property will accommodate either a single-tenant or multi-tenant layout, and it will have the potential for ground-floor retail. The property also has private parking for both buildings at a 2.5 / 1,000 parking ratio.
Cushman & Wakefield’s Mike Condon Jr., McKenna Gaskill and Brittany Winn are representing the partnership and have been retained for project leasing. They believe that the property will be well suited for a variety of users, from fashion to media and entertainment and technology companies.
The Arts District has been favored among developers as a potential office hub. Los Angeles developer Lowe is currently nearing completion of an office building in the Los Angeles Arts District at 2130 Violet Street. The development totals nine stories and 113,000 square feet, and it is scheduled to open early next year. It has all of the bells and whistles of a modern DTLA office building, complete with a rooftop deck for employees, mountain views, indoor/outdoor workspaces with private terraces and, perhaps most impressively for an office building in the Arts District, onsite parking
In addition, SteelWave acquired The Switchyard for $80 million from in CEG Construction. The two-building 150,450-square-foot office campus is located in the Arts District in Downtown Los Angeles, located at 500 and 540 S. Santa Fe Avenue. It was developed over the last decade by the seller, and was vacant at the time of the sale.