CMCT, a Dallas-based real estate investment trust affiliated with CIM Group, has completed the adaptive reuse of a portion of a 143,000-square-foot office building at 4750 Wilshire Boulevard.
The top two floors of the three-story structure have been transformed into 68 apartments. Approximately 30,000 square feet of office space has been retained on the ground floor, which will remain addressed at 4750 Wilshire Boulevard. The apartments upstairs will have the address of 701 S. Hudson Avenue.
The apartments are described as consisting of studio, one-, and two-bedroom dwellings, all featuring 10-foot ceilings and contemporary design work with in-unit washers and dryers, stone counters, and wood flooring. Amenities including a pool, a landscaped courtyard, a resident lounge, fitness rooms, and co-working spaces have been added to the property.
As a condition of approval, six of the apartments are set aside as affordable housing at the very low-income level. For the market rate units, a leasing website advertises rents ranging from $2,799 to more than $8,500 per month.
KFA Architecture designed the adaptive reuse project, according to plans revealed in 2021, while Agency Artifact served as landscape architect.
The project was delivered through a partnership with Kanden Realty & Development, Taisei Corporation, and an unnamed third investors, according to a news release.
The property is part of the former headquarters campus of Farmers Insurance, which has been packaged for redevelopment as part of a project called Wilshire Mullen. Other components of the complex, such as the historic Farmer building at Wilshire and Rimpau Boulevard, are slated to be transformed into 65 condominiums, while parking lots to the east would be redeveloped with 16 residential units in the form of duplexes and townhomes.
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- 4750 Wilshire Boulevard (Urbanize LA)