A creative office developer is the latest company to envision a transformation for an aging downtown building. West L.A.’s Urban Offerings Inc. purchased the Norton Building, a five-story office on Los Angeles Street built in 1914, with plans to do a drastic redesign. The value of the deal was not disclosed, but the asking price was $21.5 million, according to CoStar records.
Potential renderings for the upgrade by Lynch Eisinger Design Architects, available via CoStar, show a geometric façade in white and gray as well as interiors with concrete pillars and large skylights. The 81,200-square-foot building, sold by downtown-based limited liability company Safir, is home to mostly garment and manufacturing companies.
CBRE’s Senior Vice Presidents Chris Caras and Phillip Sample represented the buyer and seller. Caras said Urban was looking for redevelopment opportunities just as Safir, a longtime owner, decided to sell. The building is just a couple of blocks from the retailers and restaurants popping up on the south side of Broadway, anchored by the trendy Ace Hotel.
“We feel that this particular location is ripe for change. It’s not going to happen overnight, but little by little as these buildings start transitioning, more will follow,” Caras said.
A representative at Safir declined to comment, and Urban did not return calls seeking comment.