Historic DTLA building was renovated instead of converted to live-work space

Developer Geoff Palmer sold the property earlier this year after entitling it for a conversion

TRD LOS ANGELES /
Oct.October 17, 2018 10:05 AM
Geoff Palmer and 950 South Broadway

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 


Related Articles

arrow_forward_ios
Ruth Group President Bob Ruth

Vacancies abound in LAX office submarket but so do investors

Equity Residential CEO Mark Parrell and a rendering of the 4th and Hill tower

Equity Residential’s long-stalled DTLA residential tower project is back

Renzo Piano and Thom Mayne of Morphosis are among the architects vying to redevelop the Parker Center site (Credit: Wikipedia, RPBW Architects, Morphosis)

Clark Construction and SOM are among teams vying to develop $700M tower to replace Parker Center

Brightview CEO Andrew Masterman and 24151 Ventura Boulevard

It’s not all Drake and Kimye in Calabasas as 4M Investment buys redesigned office complex

From left: Brian Hecktman, founder and CEO of Graymark Capital and Lone Star Funds founder John P. Grayken with the building

Graymark Capital buys big Pasadena office complex in R&D hub

amitaur Constructs founders Laurie and Frederick Samitaur Smith and the development site (credit: Getty Images and Google Earth)

Developer behind (W)rapper Tower now planning a 22-story office tower in West Adams

Terreno Realty Chairman & CEO W. Blake Baird

Terreno Realty makes another industrial play in LA

Tom Greubel, Vice President of leasing, with Spectrum Terrace and Discovery Park

Irvine Co. renews four tenant leases for nearly 200K sf of office space

arrow_forward_ios