Bow West Capital, a Los Angeles-based real estate investment firm, has purchased a 55,000-square-foot commercial building in the Downtown Jewelry District for $14 million with an eye towards renovating the property as creative offices, according to an announcement today from Cushman & Wakefield.
The property, located at 718-722 S. Hill Street was purchased just two-and-a-half years ago by the sellers UrbanBlox and BedRock for $8.54 million. Since then, the company initiated renovation plans by moving its tenants to month-to-month leases and obtaining alcohol permits, according to a statement from Mike Condon, Jr. of Cushman & Wakefield, who represented UrbanBlox in the sale along with Kelli Snyder, Brianna Demus, and Arianna Nienow.
Moving forward, Bow West intends to begin immediately converting the upper floors of the seven-story building into offices, with an art gallery at its mezzanine level and retail and restaurant tenants on the ground floor.
Built in 1913, 718 S. Hill Street is located in close proximity to Pershing Square and the Broadway Trade Center, which is itself being redeveloped with office space, retail, and a boutique hotel.
- Historic Core Archive (Urbanize LA)