Newmark Grubb Knight Frank (NGKF) has announced the exclusive representation of a 12-story art deco-style historic structure located at 403 W. 8th St. in downtown Los Angeles. Known as the “Garfield Building”, the now-vacant property is centrally located near the Central Business District, Broadway and South Park areas. The approximately 102,000-square-foot building, built in 1929 and designed by the prominent architect Claud Beelman, combines Art Deco geometry with the floral swirl of Art Nouveau style.
The tower is being marketed for sale by NGKF Managing Directors Gibran Begum and Christopher D. Beck in cooperation with Jim Halferty, principal, and Mike D. Smith, principal, of Lee & Associates. Due to its unique design, the building is expected to set a record sales price for an historic asset of its kind.
“The iconic Garfield Building represents one of the last great historic structures available for redevelopment in downtown’s prime corridor,” said Begum. “This beautiful building has been on everyone’s wish list for over a decade and although the owner, a private investor, had received previous offers he wasn’t ready to take it to market until now.”
Begum, a specialist in Los Angeles historic buildings added, “The Garfield Building is well-positioned for hotel, residential or creative office redevelopment. It benefits from both the old-and-the-new: the authenticity of its timeless architecture while being surrounded by exciting new amenities and developments such as Downtown’s first Whole Foods, restaurant Bottega Louie, LA Athletic Club, the ACE Hotel, Broadway’s revitalization, and the emerging dominance of 7th Street’s Restaurant Row.”
The Garfield offering follows a strong redevelopment land-grab trend occurring in downtown Los Angeles that is seeing older buildings being converted into new uses for office, housing and retail. Hotel redevelopment has been a significant draw and the listing team has already strong interest from many prominent hotel groups including both boutique and global brands. In addition the redevelopment trend has included some of the following: Sydell Group’s purchase of the Giannini Building on 7th Street for a boutique hotel conversion; Hudson Pacific Properties’ purchase and planned conversion of the Coca Cola warehouse building in the Arts District into office space; and Chinese developer Shenglong Group’s purchase of a building at 12th Avenue and Grand Street for eventual development of condominiums.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.