Los Angeles, CA
CBRE Announces Sale of Downtown Los Angeles Creative Campus Building to Buck Design; Creative Agency to Move into Nearly 80,000 SF Space
08 Feb 2022
CBRE announced the sale of an office building in the Little Tokyo neighborhood of Downtown Los Angeles to Buck Design. The creative agency will move into the 79,242 square-foot space following further renovation.
CBRE’s Taylor Watson, Brad Chelf, Phillip Sample, Chris Caras, Michael Shustak, and Ryan Phillips represented the seller, Brickstar Capital,in this transaction. Buck Design was represented by Jack Cline, Doug Cline and Evan Jurgensen of Lee & Associates.
Brickstar purchased the property, located at 120 South San Pedro Street, from Union Bank in 2017 and completely overhauled the building into a creative campus in 2020 aimed at design, tech, fashion and media companies. Renovations included new spec creative office space, private furnished patio space, new tenant gym and an upgraded lobby, restrooms, signage and landscaping.
“CBRE was pleased to present Brickstar with an opportunity to do what they do best - reposition a prime, value-add property, and transform the area with a generational tenant who will bring new life to the Little Tokyo neighborhood of Downtown,” said Watson. “Buck’s investment affirms Downtown as a viable choice for Los Angeles creative and media agencies.”
The building, originally constructed in 1985, features ground-floor retail and subterranean parking. Union Bank retained their long-term lease of the ground floor following the prior sale in 2017.
“This transaction is just one of many in which larger tenants have decided to relocate to Downtown Los Angeles this year in order to take advantage of unique, move-in-ready creative office space,” said Sample.
He added, “We are encouraged by a variety of new leases by the likes of Revolve Clothing, Twitch, Greycroft, Johnny Was, Bambee HR, and Adidas, to name a few. The irreplaceable charm of historic and industrial converted properties that feature exposed brick, operable windows, private outdoor space and other tenant amenities are proving to be in demand for creative tenants.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.