Geoff Palmer’s planned mixed-use conversion of a 105-year old Downtown Los Angeles office building was apparently scrapped. The building has new owners offering renovated office space.
Palmer, known for his multifamily developments, entitled 950 South Broadway for a 30-unit live/work conversion in 2016, according to Urbanize. Property records show that in January he sold the seven-story, 34,500-square-foot building to a Woodland Hills entity called Alatau Capital LCC for $13 million. Palmer paid $5 million for the building in 2013.
The new entity is advertising the entirety of the building’s square footage as office space, with asking rents of $3 per square foot, according to Urbanize. Floor plates are an average of 4,100 square feet. Marketing materials say the building was recently renovated.
As of March, the building still had signs advertising Palmer’s neighboring two-building Broadway Palace apartment complex. Palmer notably veered from his typical “Fauxtalian” architectural style in favor of a subdued brick exterior consistent with the neighborhood.
The building was built in 1913 as the headquarters of the Southern California Gas Company, which moved out after 24 years when it merged with the Los Angeles Gas & Electric Company.
Palmer planned to restore the building’s façade to its original state and planned to include a rooftop amenity deck and 7,500 square feet of commercial space in the basement and ground floor. [Urbanize] – Dennis Lynch