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7/18/14
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Sydell Group purchased Commercial Exchange Building, a 13-story, 118.8k sf building in downtown Los Angeles. The building, located at 416 West 8th St, at the corner of 8th and Olive St, was acquired from a group of private owners. The price was not disclosed.
Sydell Group, a New York-based owner, developer, and manager of lifestyle-oriented hotels, plans to gut and completely renovate the building, turning into a boutique hotel. The building has the tallest vertical neon sign in Downtown Los Angeles as well as 55 feet of frontage on Olive Street and 164 feet of frontage on West Olive Street.
CBRE Senior Vice Presidents Phillip Sample, Michael Shustak, and Chris Caras represented the owner in the transaction.
The Commercial Exchange Building has historical architectural and engineering significance, starting from its construction in 1924 as a speculative office building. The building was part of the early Downtown Los Angeles skyline and served as the headquarters of the Owl Drug Company into the 1940’s. It was designed by Los Angeles architecture firm Walker and Eisen, also responsible for other historic buildings such as the Fine Arts Building, the James Oviatt Building, the Hotel Normandie, the Beverly Wilshire Hotel, and the Taft Building.
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