LA will be home to the largest U.S. building occupied exclusively by cannabis tenants

The Green Street Building opens in a month's time and houses 67k sf for cannabis industry tenants exclusively

Dec.December 01, 2018 02:30 PM
From left: architect Matthew Rosenberg of M-Rad; developer Sean Beddoe, president of Bow West Capital (Credit: M-Rad, LinkedIn)

When selling and smoking marijauana was illegal, having a dealer in the neighborhood didn’t boost property values, but that could change now that marijuana is legal in California.

In Downtown Los Angeles, Bow West Capital will open its Green Street Building development in a month’s time, according to Forbes. Located in the Jewelry District, the project will be occupied exclusively by businesses in the cannabis industry. The Santa Monica-based developers are hoping the building will help transform the neighborhood.

The seven-story, 67,000-square-foot building at 718 S. Hill Street is named after the Green Street Agency, a branding company and the building’s anchor tenant. There’s also a Vincente Sederberg LLC, nicknamed The Marijuana Law Firm. Around a dozen cannabis startups are occupying space in the building’s co-working floors. The cannabis-dedicated complex will be the largest of its kind in the country.

Matthew Rosenberg, CEO and founder of the architecture firm that designed the building, M-Rad, said that bringing in “some of the biggest players in the industry… will bring in high-level clientele and investors who may feel encouraged to invest in the development of the area.”

Cannabis industry tenants have pushed up property values in other parts of L.A. County, partly because of the low supply of landlords willing to take on tenants and the high demand among tenants for space. In Lynwood, rents jumped from the low $100s to more than $300 per square foot.

L.A.-area businesspeople have jumped at the opportunity to get in on the growing cannabis industry. At least two local real estate funds — Pelorus Equity Group and Inception Company’s REIT — have cropped up that cater specifically to cannabis companies. [Forbes] – Dennis Lynch

Related Articles

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

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

Richard Bloom and a rendering of Lowell Farms Cannabis Cafe (Credit: Lowell Farms, iStock)

Cannabis lounges bloom in WeHo, and not everyone is happy

Terreno Realty Chairman & CEO W. Blake Baird

Terreno Realty makes another industrial play in LA

Green Sage founder Ken Greer , Lotus Property CEO Faisal Ashraf, and the Cannery on San Leandro Street 

From cannery to cannabis: Oakland redevelopment project lands big loan

Los Angeles City Planning Commission President Samantha Millman and a rendering of the Flower Market project (credit: Brooks + Scarpa and Twitter)

Development bloom: SoCal Flower Market mixed-use project in DTLA clears hurdle

A rendering of Lowell Farms Cannabis Cafe (Credit: Lowell Farms, iStock)

Nation’s first cannabis cafe could open in West Hollywood next month

Downtown Los Angeles (credit: Jeff Cleary and Laurie Avocado)

Rezoning Downtown — Skid Row included — must include more affordable housing, advocates say