Beverly Hills-based real estate investment firm Langdon Street Capital has acquired Downtown's 100-year-old Grand Central Market, as well as several adjoining buildings.
The purchase involves the entirety of the property now known as Grand Central Square, which includes the Million Dollar Theatre, a parking structure, and apartments located atop the iconic market. Langdon has announced plans for cosmetic improvements to the food hall, which is home to a number of popular eateries.
As first reported by the Los Angeles Times, Grand Central Square was previously owned by the Yellin Co., which purchased the multi-building property in the mid-1980s. The Yellins were responsible for converting the upper floors of the market into residential space, one of the earliest examples of an adaptive reuse project in Downtown.
Grand Central Market has emerged as a destination for so-called foodies in recent years, and the surrounding area is seeing a flood of new development. Construction kicked off earlier this year for a 34-story apartment tower just a half-block south at the corner of 4th Street and Broadway. Similar high-rise projects could also rise on properties above the Pershing Square subway station at 4th and Hill Street.
- Historic Core Archive (Urbanize LA)