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.