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11/21/16
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Urban Offerings has acquired the historic Norton Building in Downtown Los Angeles. The 100k sf manufacturing building, located at 755 S. Los Angeles St, will be renovated into a mix of Class A creative office space on the upper floors and new retail space on the ground floor.
Built in 1914, the Norton Building is located north of the 10 Fwy and east of the 110 Fwy, on the edge of LA’s up-and-coming Historic Core and Fashion District. Redevelopment is scheduled to begin in early 2017, with completion and property lease-up projected for late 2017.
Urban Offerings will redevelop the property in partnership with ESI Ventures, out of Van Nuys. The transaction was financed with a $25.2 mil loan provided by LA-based Calmwater Capital. The credit facility comprises a $12.9 mil senior secured term loan and $12.3 mil delayed draw term loan to cover capital expenditures, tenant improvement and other related costs.
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