Waterbridge Capital JV asking $425M for Broadway Trade Center

Massive complex hit market in August

Los Angeles /
Nov.November 02, 2020 12:10 PM
Joel Schreiber and a rendering of proposed redevelopment
Joel Schreiber and a rendering of proposed redevelopment

Waterbridge Capital and Continental Equities are seeking $425 million for Downtown Los Angeles’ massive Broadway Trade Center.

The joint venture has been shopping the 1.1-million-square-foot property at 801 South Broadway since August, but did not publicly advertise an asking price. The price comes out to $395 per square foot, according to Commercial Observer, which first reported on the listing amount.

Compass and CBRE are handling the off-market listing.

The property is entitled for a variety of uses and plans, according to CBRE marketing materials. That includes four floors of office use above ground floor retail and two floors of hotel use above that. Architecture firm Omgivning has put together some redevelopment plans.

Omgivning’s website elaborate on plans for the property, including the addition of penthouses, a park, gardens, swimming pools, and restaurants on the rooftop and removing 55,000 square feet of interior space for a courtyard.

Waterbridge and Continental, which are both based in New York, started shopping the complex after failing to secure $251 million in bridge financing. They purchased the property in 2014 for $122.3 million with ambitious plans to redevelop it.

The Broadway Trade Center building dates from the turn of the 20th century. It covers half a block and rises nine stories, with 2.7 acres of roof decks alone.

The property has most recently been used as a garment manufacturing building. Waterbridge and Continental removed 267 tenants after purchasing the property, demolished interiors and restored the façade.

The Los Angeles office market has been struggling in recent months. Overall vacancy climbed to 15 percent from 13.7 percent from the second quarter, according to a recent report. And last week, CBRE confirmed it had shifted its global corporate headquarters from 400 South Hope Street in Downtown to Dallas. The move did not involve closing any L.A. or California offices or shifting personnel [CO]Dennis Lynch 


Related Articles

arrow_forward_ios
2000 Avenue of the Stars and CAA CEO Richard Lovett (Gensler, Getty)
Big talent agency renews big lease at 2000 Avenue of the Stars
Big talent agency renews big lease at 2000 Avenue of the Stars
A rendering of the project with East End Capital managing principals Jonathon Yormak and David Peretz. (Relativity Architects, East End Capital)
East End Capital to convert cold storage into movie studio
East End Capital to convert cold storage into movie studio
The Colorado Center with Hulu President Kelly Campbell and Boston Properties CEO Owen Thomas (inset) (Photos via Getty, LA Realty Partners)
Hulu adds space at Roku-occupied Colorado Center
Hulu adds space at Roku-occupied Colorado Center
Rendering of the Pasadena complex. (Smith Group / City of Pasadena)
Latest medical office complex planned in Pasadena
Latest medical office complex planned in Pasadena
An aerial view of the site (Google Maps, iStock)
Atlas Capital plans $650M soundstage complex in DTLA
Atlas Capital plans $650M soundstage complex in DTLA
L’Oréal CEO Stéphane Rinderknech and Hackman Capital CEO Michael Hackman with a rendering of the project (888 Douglas)
Cosmetics giant L’Oréal inks lease at Hackman’s El Segundo campus
Cosmetics giant L’Oréal inks lease at Hackman’s El Segundo campus
Roku CEO Anthony Wood, Boston Properties CEO Owen Thomas and Colorado Center. (Bostom Properties, WikiMedia / Collision Conf)
Roku inks long-term lease at Colorado Center
Roku inks long-term lease at Colorado Center
Rexford Co-CEOs Howard Schwimmer and Michael S. Frankel and Quixote CEO Mikel Elliott. (Google Maps, Rexford, Quixote)
Rexford Industrial inks studio and equipment firm to big lease
Rexford Industrial inks studio and equipment firm to big lease
arrow_forward_ios

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

Loading...