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4/18/23
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The Garfield Building, a 12-story, 102.2k sf historic structure in downtown Los Angeles, was acquired by a Bay Area investor in a $19 mil transaction. The deal closed on March 31, ahead of the enactment of Los Angeles’s property transfer tax on sales of more than $5 mil.
The buyer plans to convert the historic building into a boutique hotel. The structure, which features 20-foot-high lobby ceilings, is listed on the National Register for Historic Places. It was originally an office building, but it has been vacant for several years.
Originally built in 1929 for the Sun Realty Company and designed by renowned architect Claud Beelman, the Garfield Building showcases Art Deco building design complete with Gothic and Art Nouveau stylistic elements. The building’s main entrance on West 8th St is framed by a wrought-iron canopy and terrazzo sidewalk. It sits within downtown Los Angeles’ Jewelry District at the intersection of West 8th St and South Hill St
CBRE’s Phillip Sample, Chris Caras, Michael Shustak and Andrew Turf represented the seller, a private investor that owned the building for more than 30 years. Wendell Jones of Realty One Group Infinity repped the buyer in the deal.
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