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Historic Building in Downtown Los Angeles Sells for $500/sf

3/12/20

Main Street Trading Group LLC paid $8.2 mil for the historic Farmers & Merchants Bank building in downtown Los Angeles. Originally constructed in 1904, the 16.4k sf ($500/sf) building is located at 401 S. Main St, in the Historic Core of the downtown Old Bank District.

The trophy creative office property was renovated numerous times through 2012, and has been used intermittently for movie shoots, meetings and banquet space over the past 30 years. The building is situated next to the Arts District and two blocks from Grand Central Market and a metro stop. More than 3,500 residential units surround the asset within a two-block radius as well as more than $1 bil in development activity.

Patrick Barnes and Hayden Eaves with Avison Young represented the seller, Los Angeles-based 401 Tartine LLC, managed by Gilmore Associates LLC. The was repped by Lee Polster of EOP Realty.

“This generational asset garnered an incredible amount of interest with more than 50 property tours and 17 offers,” said Barnes. “The buyer appreciated that it was procuring a piece of L.A. history and has an experienced team in place to realize the true potential of this trophy building.”

Eaves added, “The new ownership will invest what is needed to bring this building back to its original prominence. When completed, it will be a prime example of historical architectural revitalization integrating all the modern amenities and technology needed for a functioning creative company.”




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