|The LA Mart, a one-of-a-kind design center, office and showroom building located in downtown Los Angeles, recently traded hands. The property, which contains 784k sf of rentable space on thirteen levels, is situated on a 9.31-acre site spanning nearly two full city blocks, and was 60% occupied at the time of sale.
The property was acquired by PHR LA Mart LLC, a local investment group, in a transaction rumored to be worth around $55 mil, or about $70/sf. The seller was Vornado Realty Trust.
LA Mart is considered to be a premier design, purchasing and event destination for many of the West Coast’s finest furniture designers and wholesalers. In addition to the many design space users, the property also has a long-term, 150k sf lease with the County of Los Angeles.
Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented Vornado Realty Trust, in the transaction.