Drawn to adaptive reuse, developers strike pair of deals.THE Eastern Columbia building The Eastern Columbia Building is a thirteen-story building located at 849 S. Broadway in the Broadway Theater District of downtown Los Angeles, and is considered by many to be the most beautiful of Los Angeles' historic buildings (one architecture critic called it "Architectural in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or and Panorama Towers in Van Nuys, both essentially vacant office buildings, are close to being sold to residential developers. Kor kor n. See homer2. [Hebrew kôr, from Akkadian kurru, from Sumerian gur, a unit of measurement.] Noun 1. Group is under contract to buy Eastern Columbia, the 270,000-square-foot turquoise building at Ninth Street and Broadway. The building had been on the market since May. While no price has been disclosed, the building has a listing price of $24 million. Gregory Schem, president of Kor Group, confirmed that the property was under contract and said that the site would be converted to residential, but declined to provide further details. Ed Rosenthal Ed Rosenthal (born Bronx, New York, 1944) is a California horticulturist, author, publisher, and Cannabis grower known for his advocacy for the legalization of marijuana (cannabis as a drug) use. , vice president at CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. , who has the listing along with CB's Mark Tarcynski and Chris Ligan ligan (lī`gən): see flotsam, jetsam, and ligan. , declined comment. Mehdi Bolour, principal at landlord Denley Investment and Management Co. Inc., did not return calls. Built in 1930 as the local flagship for long-defunct Eastern Columbia department stores, the turquoise art deco building was named a Los Angeles Historic-Cultural Monument in 1985. With 92 percent of the building vacant and with an additional acre of surface parking surrounding the building as part of the property, the site has been marketed as a condominium conversion project. Kor, with partner Kennedy Wilson Inc., recently completed the 322-unit Pegasus apartment complex at Sixth and Flower streets downtown and is putting the finishing touches on a 121-unit apartment complex on Rossmore Avenue in Hancock Park. Meanwhile, two developers are in discussions to buy Panorama Towers, the 176,000-square-foot office building on Van Nuys Boulevard near Roscoe Boulevard, according to M.T. Shoraka, principal of Panorama Tower LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the building's owner. Yellow-tagged and vacant since the 1994 Northridge earthquake, the building, on a nearly 5-acre plot, could be one of the first Valley sites to be converted to residential use under the citywide adaptive reuse ordinance, which streamlines office-to-residential conversions and goes into effect next month. Shoraka, who is marketing the property for $10 million, confirmed that a deal with Calabasas homebuilder Griffin Industries had fallen out of escrow on the property. Staff reporter Danny King can be reached at (323) 549-5225 ext. 230, or at dking@labusinessjournal.com. |
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