Rehab of DTLA’s Sassony Building moves forward

Satila Studios plans to turn the dilapidated building into creative offices

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
Sam Nazarian (Getty, iStock)
Coachella resort fraudster duped Sam Nazarian
Coachella resort fraudster duped Sam Nazarian
 A rendering of 11611 Ventura Boulevard (Urbal Architecture)
145-unit assisted living facility set for Studio City
145-unit assisted living facility set for Studio City
Red Oak Investments' Alex Wong and A-1 Trailer Park (Google Maps, Red Oak)
Presto on PCH: apartment developer plans to make trailer park disappear
Presto on PCH: apartment developer plans to make trailer park disappear
Apple reveals 369,000 sf slice of Westside plan
Apple reveals 369,000 sf slice of Westside plan
Apple reveals 369,000 sf slice of Westside plan
The portion of land with renderings of proposed development (LoopNet)
6 percent of Bel Air on discount
6 percent of Bel Air on discount
Madison Realty Capital extends LA push with $91M loan
Madison Realty Capital extends LA push with $91M loan
Madison Realty Capital extends LA push with $91M loan
100K sf life science project eyed for Expo Line corridor in West LA
100K sf life science project eyed for Expo Line corridor in West LA
100K sf life science project eyed for Expo Line corridor in West LA
NBCUniversal joins studio expansion craze
NBCUniversal joins studio expansion craze
NBCUniversal joins studio expansion craze
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...