The Los Angeles historic-cultural monument and notable filming location served as one of the city’s premier office buildings.
WASHINGTON, D.C. – (RealEstateRama) — Global real estate investment company Kennedy Wilson has represented the seller in the approximately $37 million sale of the San Fernando Building in the Old Bank District section of the Historic Core in Downtown Los Angeles. Originally built in 1907 as one of the city’s most coveted office buildings, the approximately 89,500-square-foot building was remodeled in 2000 to accommodate 70 large, loft-style multifamily units in addition to approximately 11,500 square feet of ground floor retail and restaurant space. The seller was Los Angeles-based Gilmore Associates and the buyer is MWest Holdings.
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“The Old Bank District is undergoing the second stage of its revival, after it was originally transformed by Gilmore Associates 16 years ago,” said Fred Cordova, executive vice president of brokerage at Kennedy Wilson and lead on the project’s brokerage team. “Representing the firm that pushed forward this effort, we understood it was incredibly important for our client to find a buyer with same vision and affinity for the area. As such, Kennedy Wilson was instrumental in the process of securing the property’s eventual, New York-based buyer with a successful track record of investment in buildings of this historic nature.”
The nine-story San Fernando Building is located at 400 S. Main St. in Los Angeles next to some of the city’s most notable buildings including the Hellman Building, Continental Building and Farmers & Merchants National Bank, the Old Bank District’s namesake. The San Fernando Building is currently fully operational and 92% leased, with a history of stable occupancy. The property earned a place in the National Register of Historic Places in 1986, prior to its conversion to loft and retail space, and has since been declared a Historic-Cultural Monument by the city of Los Angeles. The building also serves as a filming location, featured in scenes from “Bull Durham” and “500 Days of Summer,” among other notable films.
“This area is in a prime location in the Historic Core of Downtown Los Angeles,” emphasized Justin Weiss, senior associate and the downtown expert with Kennedy Wilson. “There is no doubt that with the area’s rich history—and the number of buildings that are currently in play to be upgraded or renovated—the Old Bank District is on its way to becoming an engaging mixed-use corridor.”
Gilmore Associates was represented by a Kennedy Wilson team led by Cordova, including Lee Shapiro, executive vice president of brokerage; Ryan Eddy, vice president of brokerage; Justin Weiss, senior associate; Michael Puleo, senior associate; and Jake Sachse, associate. Mesa West Capital provided the $21.6 million acquisition loan for the property. Sklar Kirsh was the legal representation for MWest Holdings in the transaction and Shumaker Mallory represented Gilmore Associates.
About Kennedy Wilson Brokerage
Kennedy Wilson (NYSE:KW) is a global real estate investment company that offers brokerage as a part of a comprehensive array of real estate services. Specializing in the leasing and sale of commercial and multifamily properties, the brokerage team represents tenants and landlords on every aspect of site selection, negotiation and occupancy. Headquartered in Beverly Hills, brokerage services are also offered at Kennedy Wilson offices in Austin, Chicago, Las Vegas, San Francisco and Sacramento. For further information, please visit www.kennedywilson.com/brokerage.