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CBRE Brokers $19M Sale of Historic DTLA Building

CBRE Brokers $19M Sale of Historic DTLA Building

A Bay Area-based family office has paid $19 million for the Garfield Building, a 102,000-square-foot building in Downtown Los Angeles. The transaction, which closed one day before Measure ULA went into effect, was arranged by CBRE’s Phillip Sample, Chris Caras, Michael Shustak and Andrew Turf, who represented the private investor seller.

The 12-story Garfield Building, which features 20-foot-high lobby ceilings, is listed on the National Register for Historic Places. Originally an office building, the art deco style property has been vacant for several years. The new owner, who was represented by Realty One Group Infinity, plans to convert the building into a boutique hotel.

“The plan to convert the Garfield Building into a hotel is extremely exciting for downtown,” said Sample. “Our team is excited for this buyer, as their project fits the tone established in the South Broadway corridor with the Apple store and Whole Foods.” The building is located in DTLA’s Jewelry District at West 8th  and South Hill Streets.

Get insight from LA CRE leaders like CBRE Managing Director Jessica LallAttend Connect LA on May 3 at Hotel Indigo.


Inside The Story

CBRE's Phillip SampleGarfield Building HistoryRealty One Group Infinity

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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