Friday, June 24, 2011

National City Tower at 8th and Spring Now For Sale - Details at Globe

National City Tower Hits Market for $33M

       LOSANGELES-Owner National City Towers LLC has tapped Charles Dunn Co. to market National City Tower. The property is a vintage 1924, 12-story, 118,162-square-foot residential and retail tower that is being offered at an asking price of $32.75 million.
The tower is an adaptive reuse development of the former headquarters of National City Bank of Los Angeles that includes 93 residential lofts that are approximately 95% occupied, as well as ground floor and basement retail space. The Dunn team on the listing is Janet Neman and Bryan Glenn, both experienced in marketing residential properties in the Downtown Los Angeles market. “National City Tower is truly a trophy asset and presents a buyer with a rare opportunity to own a stabilized and meticulously renovated historic property in the heart of Downtown,” said Neman.....
Located in the Financial District at 810 S. Spring St., National City Tower was built in 1924 in the Beaux Arts style. In 2008, it was redeveloped and transformed into the residential and retail property it is today. Its 93 residential spaces include 12 studios, 61 one-bedroom units, 16 two-bedroom units, two, two-bedroom penthouses and two three-bedroom penthouses. Unit sizes range from approximately 617 square feet to the largest two-story, penthouse unit of approximately 1,884 square feet.

The above linked article then goes into detail about the declining residential vacancy rates in Downtown Los Angeles despite new buildings constantly opening.  And the majority of the buildings in the Historic Downtown are that have been open for more than a year have been consistently maintaining occupancy rates in the 95% range.
But with the declining numbers of older office buildings left to convert, and the increasing demand to live in the area - even during a major downturn - demand is likely to exceed supply well before there is a major economic upturn.  Then, when that happens, with many of these building already converted to condos, rents should really start to rise.

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