Brookfield, the New York-based firm that already controls much of the Downtown Los Angeles skyline, is expanding its reach to the Fashion District.
The Los Angeles Times reports that Brookfield has paid roughly $440 million to purchase a controlling stake in California Market Center from local firm Jamison Services, Inc. The trio of interconnected 13-story buildings comprise 1.8 million square feet of floor area, making it the largest wholesale mart in Southern California.
Though once so popular that prospective tenants faced a multi-year waiting list, changing market conditions have now left the Market Center less than 50 percent leased. Brookfield will look to attract new occupants by investing in upgrades to the property, including a modernization of the complex's street presence with new retailers.
Cosmetic improvements are to be implemented immediately, with more intensive upgrades to be completed by 2019.
California Market Center is located directly across the street from Broadway Palace, a two-building development from G.H. Palmer Associates which is already half-complete.
- New York landlord Brookfield takes over giant L.A. fashion mart (Los Angeles Times)
- Fashion District Archive (Urbanize LA)