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9/30/15
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Jamestown L.P has purchased Brunswig Square, an historic, 140k sf commercial office and retail building located at 360 East Second St in the Little Tokyo neighborhood of downtown Los Angeles. Although a price was not given out, estimates we’ve heard put the deal well over $60 mil.
Located at the intersection of East Second and South Central Ave—a short walk from the studios, restaurants and residences in the adjacent Arts District—the eight-story Brunswig Square features 110k sf of high-quality office space atop 30k sf of prime ground-floor retail.
The building was originally designed by local architects AC Martin and built in 1931 for the Brunswig Drug Company, once known across the Southwest for their eponymous retail brand—and also as one of the foremost innovators in the wholesale pharmaceuticals business.
Jamestown will preserve the historic character of the former factory and headquarters, which was last updated in 1986 before new renovations began last year, incorporating new concepts and amenities to distinguish Brunswig as a destination for the innovation sector. Ongoing renovations include converting traditional office space to premium creative office space with 14’-17’ ceiling heights, floor-to-ceiling glass windows and expansive skyline views, creating inspiring outdoor gathering spaces and designing retail experiences to serve the building’s tenants and surrounding neighborhood.
“With our purchase of Brunswig Square, Jamestown is putting a stake in the ground for long-term investment in downtown Los Angeles,” said Jamestown President Michael Phillips. “DTLA, and the Arts District in particular, have the kind of creative energy that draws innovation and talent,” he added. “Our goal is to make Brunswig Square a central piece of the emerging creative hub bridging the Arts District and Little Tokyo in downtown LA, while also honoring and preserving its place in the historic fabric of the area,” said Phillips.
Jamestown specializes in restoring and enhancing high profile, historic real estate, with a focus on creating exceptional retail and commercial experiences. Other examples include: San Francisco’s storied Ghirardelli Square – currently undergoing renovations to add food and retail; Atlanta’s Ponce City Market – the city’s largest-ever adaptive reuse development, featuring best-in-class office, retail and residential; and Chelsea Market in New York City – the upscale urban retail, dining and commercial complex that preserves the property’s industrial origins as the former home of the National Biscuit Company or Nabisco. Chelsea Market’s tenants include Google, the Food Network and MLB Digital Media.
Downtown Los Angeles continues to emerge as a creative office hub, attracting leading companies including Gensler, Hyperloop, Nasty Gal, NationBuilder and WeWork, as well as an ever-increasing number of start-ups. There are more than 40 restaurants and retailers within walking distance, as well as approximately 600 residential units and access to the forthcoming downtown bike-sharing program. Additionally, the new Regional Connector light rail line, which will run through downtown and provide direct service to Santa Monica, Pasadena and Long Beach, is to be located a half block away.
Lee Polster at Westmac represented the sellers—a partnership between GreenOak and Arenda Capital Management.
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