One Bunker Hill, a historic Art Deco office building in Downtown Los Angeles, was just purchased by Lionstone Investments and Hermes Real Estate, marking the second deal in their $250 million joint-venture fund.

The duo has hired Rising Realty Partners and Industry Partners to revamp the 270,000-square-foot building. Their task is to transform the landmark 12-story building of traditional office space into a creative offices replete with amenities. The entire project will get more than a facelift, as a new logo, name, and website are in the works.

A Lionstone representative told Connect Media, “The resurgence of the downtown submarket of Los Angeles, along with the unique features of this historical property, make this investment very attractive.”

Lionstone’s previous success with Rising Realty and Industry Partners can be seen in viewing Downtown’s Los Angeles PacMutual building. The partnership will use the same approach to transform One Bunker Hill, which holds a place in the nation’s history as one of the first all-electrically heated and cooled buildings.