LOS ANGELES, CA – June 27, 2011 – (RealEstateRama) — Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has been selected to market National City Tower, an historic adaptive reuse development that includes 93 residential lofts that are approximately 95 percent occupied, as well as ground floor and basement retail space. The 12-story, 118,162 square foot property is being offered at $32.75 million.
Janet Neman and Bryan Glenn of Charles Dunn Company are the exclusive brokers to market the property on behalf of the seller, Los Angeles-based National City Towers, LLC. Neman and Glenn were chosen to market the property based on their strong track record of marketing residential properties in the Downtown Los Angeles market.
“National City Tower is truly a trophy asset and presents a buyer with a rare opportunity to own a stabilized and meticulously renovated historic property in the heart of Downtown,” said Neman. “Downtown LA has nowhere to go but up as the revitalization of the area and investment capital heats up and flows into the area. This is a perfect time to invest in Downtown.”
Located in the heart of the Historic Financial District at 810 South Spring Street, this former headquarters of National City Bank of Los Angeles was originally constructed in 1924 in the Beaux Arts style. In 2008, it was redeveloped and elegantly transformed into one of Downtown’s finest in luxury living loft developments. National City Tower includes 93 residential spaces with a unit mix of 12 studios, 61 one-bedroom units, 16 two-bedroom units, two, two-bedroom penthouses and two three-bedroom penthouses. Unit sizes range from approximately 617 square feet to the largest two-story, penthouse unit of approximately 1,884 square feet. The open floor plans offer maximum flexibility in design and arrangement to the resident. Units are characterized by their high ceilings, gourmet kitchens, dramatic views, polished concrete floors, and elegant, modern finishes. Abundant windows create unparalleled light throughout the units and give way to exquisite unobstructed views of the Downtown Los Angeles skyline. The property features attractive amenities that include a rooftop garden, spa and barbeque surrounded by city views, as well as a fitness and media room.
The Downtown Los Angeles multifamily market has seen a strong surge in demand over the past couple of years and is currently one of the priciest Los Angeles neighborhoods in which to rent, with monthly rates at an average of $1,756 according to commercial real estate research firm REIS. Vacancy in Downtown apartments showed signs of improvement at the end of 2010. Downtown Los Angeles ended the year with 11.1 percent vacancy compared to 11.6 vacancy in the 3rd quarter 2010, and 12.1 percent in the 2nd quarter 2010.
“In a quickly growing residential neighborhood like Downtown with many residential projects recently completed, vacancy numbers are not always reliable because new products are consistently coming onto the market, temporarily boosting vacancy,” said Glenn. “This is all part of the renaissance of the area right now.”
Glenn adds that National City Tower continues to boast a single digit vacancy. “The property’s key location, quality construction and proactive property management are all contributors to its success over the past three years.”
Adding to the attractiveness of the investment, National City Tower is a property that benefits from The Mills Act Historical Property Contract Program allowing qualifying owners to receive a potential property tax reduction and use the savings to help rehabilitate, restore and maintain the building.
About Charles Dunn Company
Charles Dunn Company is one of the largest full-service regional real estate firms in the Western United States. Established in 1921 and headquartered in Los Angeles, the firm’s brokerage practice continues to be a market leader. The firm also manages more than 20 million square feet of office, industrial, retail, residential and mixed-use properties for third party clients and provides construction management, architecture and design, general contracting and capital markets services. With more than 260 team members in nine offices, Charles Dunn Company’s reach extends far beyond its physical locations, as its experienced professionals leverage their market knowledge, relationships, and expertise to achieve and exceed client expectations. www.charlesdunn.com