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.
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