Bow West Capital, a Santa Monica-based developer, is rebranding 718 S. Hill St. in the Jewelry District of downtown Los Angeles as Green Street, a creative office space devoted to the cannabis industry.
The company purchased the seven-story, 67,000-square-foot building for $14 million, or roughly $303 per square foot, in December 2017.
The building is slated to reopen in November with several floors of coworking spaces, office suites, a rooftop deck, an art gallery, retail space and a 5,000-square-foot restaurant. The amenities are targeted toward providers and consumers of cannabis-related products, Bow West Capital said in a statement.
Green Street, a branding and business development consultancy agency currently based in the Miracle Mile, will be the flagship tenant, leasing three full floors. The firm is a minority investor in the building, and has been involved in the project’s conceptualization and planning, according to Sean Beddoe, Bow West Capital’s founder and president.
“They have been the ideal partner for the reinvention of this historic structure,” Beddoe said in a statement. “They have a deep understanding of today’s cannabis industry and a real vision for its future.”
Vicente Sederberg, a Denver-based legal office that calls itself “The Marijuana Law Firm,” will lease one floor of the property.
Mid-City based M-Rad Architecture is overseeing the building’s redesign. The structure was built in 1913.
Strong Beach Snapshot
Rents rose despite an increase in the vacancy rate in downtown Long Beach’s office market during the second quarter of 2018, according to a study by Downtown Long Beach Alliance, a nonprofit organization operating on behalf of the area’s commercial and residential property owners and tenants.
The average asking rent for commercial space in the downtown area of Los Angeles County’s second-largest city by population rose 1 percent year over year to $2.43 per square foot. The vacancy rate in Long Beach’s downtown area was 15.6 percent, up from 12.5 percent a year earlier.
“The uptick in vacancy is in large part due to existing tenants relocating to newly renovated spaces,” the Alliance noted in the study. “Overall, vacancy rates should trend downward over the remainder of 2018 as job growth continues to remain strong and consumer confidence stays high.”
The area has become a target for coworking companies such as WeWork Cos. Inc., which opened a location last year at 100 W. Broadway. CommonGrounds Workspace, Work Evolution and P3 Office Lofts are among the other coworking companies operating in Long Beach’s central business district.
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