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March 22, 2019
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PROPERTY MANAGEMENT NEWS
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CBRE Lands Property Management Assignment for The Bloc in Downtown L.A.

6/11/18

National Real Estate Advisors LLC has awarded CBRE Asset Services the property management assignment for the retail and office components of The Bloc, a high-profile mixed-use redevelopment property in downtown Los Angeles.

Originally built in 1973 by architect Charles Luckman, The Bloc is located on a full city block between Hope and Flower Streets in the heart of downtown, and directly connected to the 7th Street Metro Center Station. It is the city’s largest mixed-use site, anchored by a 420k sf open-air, urban retail center, a 722k sf office tower and the 496-room Sheraton Grand hotel.

National has undertaken a $250 mil renovation of the office and retail components, as well as the redevelopment of the hotel.

The shopping center complex is anchored by a Macy’s flagship store and features a revamped line-up of unique shops, premier retailers, restaurants, and entertainment. The 34-story office building has been transformed into LEED® Gold-certified Class A space, while National upgraded the hotel into a luxury Sheraton Grand, now one of the city’s highest-rated lodging facilities.

CBRE will manage The Bloc as a private-label program that will take advantage of the strong branding already in place.

Demand for downtown creative office, retail and amenities has been booming as technology, media and entertainment companies have been moving their operations into the area. Downtown Los Angeles has seen a steady influx of projects and redevelopment of existing buildings across all neighborhoods, including the historic core, the financial district, and South Park. Since 1999, Downtown has received more than $7.3 bil in residential, $1.2 bil in arts & entertainment, and $2.6 bil in civic and institutional investments.




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