Rehab of DTLA’s Sassony Building moves forward

Satila Studios plans to turn the dilapidated building into creative offices

TRD LOS ANGELES /
Dec.December 06, 2018 09:00 AM
722 S. Broadway in DTLA (Credit: Google Maps)

The historic Sassony Building in Downtown Los Angeles is getting a makeover.

Satila Studios, the U.K.-based firm, has filed plans with the city to rehab the 109-year-old, 8-story building at 722 S. Broadway. The company has been planning the rehab since it purchased the property in 2016 for $14.5 million through a Tarzana entity.

The project includes creating ground-floor retail, reconstructing awnings and cornices, as well as structural upgrades and improvements to electrical, plumbing, and other systems. The upper floors will be converted into creative office space. The building totals 62,500 square feet.

The rehab is part of the City Council’s Bringing Back Broadway program, which has provided incentives to developers to acquire and rehabilitate disused buildings on Broadway in DTLA. The program, now 10 years old, has yielded mixed results. While its spurred some investment and rehab work along the corridor, more than 1 million square feet of upper-floor commercial space remains vacant. Ground floor vacancies are averaging between 15-20 percent, four times as high as greater L.A.

Satila has taken on a number of historic restorations and rehabilitations, but the Sassony Building would be the firm’s first in L.A.

The building has traded two other times in the last five years ­— once in 2013 for $7.8 million and again in 2014 for $8.4 million.


Related Articles

arrow_forward_ios
Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production

Assemblyman David Chiu and Gov. Gavin Newsom (Credit: Wikipedia and iStock)

California passes landmark rent control law

Ron Galperin and an overview of LA (Credit: iStock)

LA owns thousands of properties, many of them vacant. LA’s controller has an idea to spur development

Bob Halavi and 827 South Grand View Street (Credit: LinkedIn and Google Maps)

This 60-unit resi project would add to MacArthur Park’s growing pipeline

Top to bottom: a rendering of the project and a photo of the site at 3170 West Olympic Boulevard (Credit: Google Maps)

Koreatown hotelier sells shovel-ready development site entitled for 252 units

Domvs London co-founder Barry Watts and 800 Tortuoso Way (Credit: Linkedin, Dougas Elliman)

Developer lists a third of Park Bel Air for reduced price of $45M

Rendering of 1400 South Flower Street (Credit: DLANC)

Shovel-ready in DTLA: Multifamily developer seeks $20M for construction site

Rod Richerson, Western regional president for KBS and Union Bank Plaza

Union Bank Plaza’s $20M makeover starts years after KBS failed to sell the building

arrow_forward_ios