Beverly Hills-based real estate investor ESI Ventures has purchased three parcels of property totaling 276,000 square feet in downtown Los Angeles for roughly $134 million in order to build a mixed-use creative office campus in the Fashion District, the company announced.
The properties acquired are the Norton Building at 755 S. Los Angeles St., a 100,000-square-foot commercial building on 18,000 square feet of land; the former Dearden’s department store at 700 S. Main St., a 128,000-square-foot building; and 732 S. Main St., a 38,000-square-foot parcel of land.
The company acquired the first two properties in partnership with Urban Offerings Inc., a Westside-based developer. The pair plan to create a ground-floor food hall, four floors of office space and a rooftop restaurant in the Norton Building. In the former Dearden’s, the partners intend to create 18,000 square feet of ground floor retail space and 100,000 square feet of creative office space
ESI alone purchased 732 S. Main St., which is currently being used for parking. The company plans to develop that parcel, as well.
Renovations are underway at the Norton Building and are expected to be completed by the fourth quarter of this year. The renovation of the former Dearden’s store is scheduled to begin soon with completion expected by the fourth quarter of 2019.
Real estate reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.
For reprint and licensing requests for this article, CLICK HERE.