Last week, Warner Music Group sent shockwaves through the Los Angeles real estate industry by announcing its plans to relocate from Burbank to the Arts District in Downtown Los Angeles. With more than 250,000 square feet of office space suddenly off the market, a new development could add more to the pipeline.
Yesterday, plans were filed with the City of Los Angeles to demolish a cold storage facility at 640 S. Santa Fe Avenue and replace it with new office building. The proposed development would feature approximately 107,000 square feet of leasable space, in addition to ground-floor retail and restaurant uses.
A case filing from the Department of City Planning links the project to Continuum Partners, a Colorado-based real estate firm with satellite operations in California. The majority of the company's developments are located in Denver.
The 640 Santa Fe development emerges as some Downtown brokers have discussed a potential ripple effect resulting from Warner's move. Other ongoing office projects in the Arts District which stand to benefit include 4th & Traction and 500 S. Santa Fe Avenue.
The project site sits just south of the new Sixth Street Viaduct, which is now under construction.