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10/15/14
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By Allen Wolfsheimer
Canadian-based Retirement Concepts purchased a historic office-rise in downtown Los Angeles that in recent years had been converted to residential use, in a deal valued at $43.26 mil. The property is the National City Tower building, located at 810 S. Spring St, in the heart of the city’s Financial District.
The 12-story building was sold by Beverly Hills investor Shahriar Afshani. Vancouver, Canada-based Retirement Concepts plans on spending another $1 mil in improvements, such as a new gym and media room, along with a rooftop deck for the tenants.
The 118k sf building was constructed in 1924 as the headquarters for National City Bank. In 2008 it was converted into a 93-unit residential complex offering a range of market-rate unit choices, from studios to three-bedroom apartments. It also has ground floor and basement retail space.
The units were 97% occupied at the time of the sale, while the retail portion was fully occupied. Terroni, a successful gourmet Italian restaurant chain opened its doors on the ground floor of the property about 16 months ago. The restaurant consists of approximately 6k sf of space and boasts floor-to-ceiling windows, dramatic French columns and an ornate ceiling. The basement space totaling nearly 4.2k sf of space which is accessible from the street includes Peking Tavern, a restaurant and bar that serves Northern Chinese cuisine and a unique cocktail menu, and Crane’s Downtown Bar, which is located in the original vault of National City Bank and utilizes the vault door as it entry.
National City Tower’s residential units 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 sf to the largest two-story, penthouse unit of approximately 1.9k sf. The open floor plans offer maximum flexibility in design and arrangement to the resident.
Units are characterized by their high ceilings, gourmet kitchens, dramatic views, polished concrete floors, and elegant, modern finishes. Abundant windows create unparalleled light throughout the units and give way to exquisite unobstructed views of the Downtown Los Angeles skyline.
The tower was designed in the Beaux Arts Style by architects Albert Walker and Percy Eisen, known for other historic downtown buildings, including the James Oviatt Building and the Fine Arts Building. In 2007, it was designated as a Los Angeles Historic Cultural Monument.
Janet Neman and Bryan Glenn of Charles Dunn Company represented the seller, Los Angeles-based National City Towers LLC, as well as the buyer, RC Acquisitions LLC from Canada. Sklar Kirsh attorney Andrew Kirsh also advised the buyer in the acquisition.
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