Downtown Los Angeles’ Garfield Building has sold to a Bay Area investor that plans to turn the historic landmark into a boutique hotel.
The Garfield Building, a long-vacant Art Deco landmark in Downtown Los Angeles, has reportedly sold to a Bay Area-based firm interested in converting the property into a hotel.
403 W 8th StreetWikimedia Commons
According to multiple published reports, the 12-story structure at 403 W. 8th Street traded late last month - right before the effective date for Measure ULA - for $19 million. CBRE is reported to have represented the seller, longtime owner YB Real Estate Properties, while Realty One Group represented the unnamed buyer.
The approximately 100,000-square-foot building, completed in 1929 , has long been viewed as an opportunity for an adaptive reuse project - particularly as the neighborhood around it has evolved. Apple has recently opened a store one block east on 8th Street in the historic Tower Theatre, and other restorations have brought offices and retailers such as Adidas to the Broadway corridor. Other recent arrivals include Whole Foods and the Freehand hotel one block to the west at Olive Street.
403 W 8th StreetGoogle Maps
The Garfield also sits across the intersection of 8th and Hill Streets from one of the city's biggest potential reuse projects - the cavernous Broadway Trade Center. However, plans to convert the 1.1-million-square-foot former department store into offices, a hotel, and other uses have stalled in recent years.
Another recently-restored building - the Foreman & Clark Building at 7th and Hill Streets - has also gone up for sale.
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