A Bay Area-based family office recently purchased the Garfield Building, a 102,000-square-foot building in Downtown Los Angeles for $19 million. The transaction closed one day before Measure ULA went into effect and 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 is listed on the National Register of Historic Places and features 20 foot high lobby ceilings. Originally an office building it has been vacant for several years but now its new owner plans to convert it into a boutique hotel with help from Realty One Group Infinity who represented them in this purchase.
“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 well with other developments such as Apple store and Whole Foods located nearby on South Broadway corridor.” The building sits at West 8th and South Hill Streets within DTLA’s Jewelry District .
