A Bay Area-based family office recently closed on the Garfield Building, a 102,000-square-foot building in Downtown Los Angeles for $19 million. The transaction 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. It had been vacant for several years before being purchased with plans to convert it into a boutique hotel; Realty One Group Infinity represented the new owner in this transaction.
Sample commented that “the plan to convert [the] Garfield Building into a hotel is extremely exciting for downtown,” noting its potential impact on South Broadway corridor with nearby establishments like Apple store and Whole Foods Market already established there. Located at West 8th and South Hill Streets in DTLA’s Jewelry District, this project has great potential as an addition to downtown LA’s landscape .
