Colliers International Launches the Sale of The Brockman Lofts in Downtown Los Angeles
Los Angeles, CA – July 27, 2011 – (RealEstateRama) — Kitty Wallace, Executive Vice President of Colliers International, the second largest global real estate services organization, just listed The Brockman Lofts, a mixed-use property with 80 residential loft condominiums and 9,968 square feet of retail space. The retail space is currently occupied by Bottega Louie, one of the highest grossing restaurants in the City. The property is located on 7th Street Restaurant Row at 520 W. 7th Street in Downtown Los Angeles, California. It is being offered un-priced.
Kitty Wallace, based in Colliers International’s West Los Angeles office, is representing the Seller, Wickliffe A. Corporation.
The Brockman Lofts is a beautifully renovated 12-story mixed-use building in Downtown Los Angeles. This legendary property was built in 1917 as an office and retail tower and has since become a classic icon of the Beaux Arts style of architecture. In 2007/2008 it was extravagantly transformed into 80 elegant lofts through the adaptive reuse ordinance which grants the property exemption from rent-control.
“There has been great anticipation for the Brockman Lofts to hit the market. This deal couldn’t have come at a better time since Downtown is once again gaining momentum, especially in the class-A market sector” said Wallace. “Over the past year 1,362 institutional quality units sold in DTLA and we expect a good amount of interest from existing Downtown owners as well as outside investors wanting to stake a presence in this core market of the City” added Wallace. “The Brockman offers the rare chance to own a legendary building in pristine condition with the acclaimed restaurant, Bottega Louie, as a retail tenant. Bottega Louie is very well known among the high-end demographic that will eventually be leasing or buying the lofts and will help differentiate the property. We know that future tenants will also enjoy the luxury of in-home dining and rooftop catering from such a highly rated restaurant.”
The Brockman Lofts are located between the Financial District and the Historic Core of the City, within walking distance of employment opportunities, exciting nightlife, and world class dining. “This area has seen tremendous growth over the past decade with over $29 billion in new developments which has transformed Downtown into one of the City’s hottest residential neighborhoods” said Wallace. There are even more developments planned for the near future including a potential NFL Stadium and the renovated 7th and Fig shopping center which will help boost real estate values across the board.
The unit mix is comprised of 65 lofts with one bathroom, 13 lofts with one and one half bathrooms, and 4 penthouse units with spiral staircases leading to the roof top patio. The average loft size is approximately 1,082 square feet and two of the penthouse suites are 2,135 square feet with two bedrooms and two bathrooms. The lofts have been elegantly appointed with 9.5 to 14 foot ceilings, exposed brick walls, granite countertops, wood cabinetry, Kohler fixtures, stainless steel GE Monogram appliances, travertine shower and bath tiling, dual sinks, separate bathtubs, and washer and dryer hookups. Common area amenities include a grand lobby, security card access, a fitness center, 2 rooftop sun decks with 360 panoramic views of the City, hot and cold water outdoor spas, an interior courtyard, individual storage units, gated subterranean parking, plus Bottega Louie restaurant and market downstairs.
Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
angela.hwang (at) colliers (dot) com
Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
www.colliers.com
