A trio of Downtown Los Angeles commercial buildings belonging to the estate of the late Stanley Hirsh are hitting the market, sources told The Real Deal.
It’s unclear what the price point will be for the nearly 400,000-square-foot Garment District portfolio, which is being marketed by CBRE. Other competing brokerages had valued the portfolio at $325 to $400 per square foot.
The properties are the Merchant’s Exchange Building, Terminal Plaza and Mercantile Center, located at 719 and 656 S. Los Angeles Street, and 122 E. 7th Street, respectively. The largest property, Merchant’s Exchange Building, spans nearly 217,000 square feet.
Phillip Sample, Chris Caras, Michael Shustak, Brandon Bank and Blake Mirkin at CBRE have the listing.
“There aren’t that many adaptive re-use project left that haven’t been renovated so we’re excited about selling these,” Sample said. The team will be selling the properties individually, or as a portfolio.
The Hirsh family also owns the landmark Cooper Building at 860 S. L.A. Street, a roughly 350,000-square-foot property housing one of the city’s largest showrooms, Cooper Design Space.
Hirsh, who died in 2003, was instrumental in establishing the Garment District. He owned several buildings in the area, which he filled with fashion businesses. He founded the Fashion BID in 1996, which later led to the DTLA BID. Following Hirsch’s death, the city renamed the Ninth and Los Angeles streets intersection — home to the Cooper Building — the “Stanley Hirsh Square.”