UPDATED, July 23, 1:30 p.m.: Bow West Capital is giving new meaning to “green spaces” in commercial real estate.
The Santa Monica-based developer is repositioning a seven-story office building in Downtown Los Angeles to cater to cannabis-related industries, the company announced Wednesday.
Located at 718 S. Hill Street in the Historic Core neighborhood, the 67,000-square-foot building will feature several floors of co-working space, private office, a rooftop deck, art gallery, retail and a 5,000-square-foot restaurant — all dedicated for people in the cannabis business.
M-Rad Architecture is redesigning the property, which was built in 1913.
The building, rebranded as “Green Street,” is slated to open in November. It’s already seen interest from several companies looking to grow their business.
Anchor tenant Green Street Agency, a consulting firm which helps with branding and business development, is leasing three floors at the office building. It’s also a minority investor in the project.
Vicente Sederberg, a Denver-based law firm that bills itself as “The Marijuana Law Firm,” is also leasing one floor. There are also over a dozen start-ups leasing space in the co-working areas, according to the release.
Bow West acquired the property in December for $14 million, deed records show.
Andrew Sinasohn and Jake Zacuto of Zacuto Group represented Bow West.
There has been increased interest among developers who are seeking to benefit from the legalization of marijuana. Earlier this year, a co-working company named Paragon announced it would be opening a location in Hollywood that would cater to small companies and freelancers in the pot industry. The property is only accessible to those that have Paragon’s blockchain, making its customer base even more niche.