1K
LOS ANGELES — CBRE has arranged the sale of The Garfield Building, a 102,219-square-foot vacant office building in downtown Los Angeles. A Bay Area family office purchased the property for $19 million.
The investor is planning to convert the 12-story historic building into a boutique hotel. The Garfield Building features 20-foot-high lobby ceilings and is listed on the National Register of Historic Places. It was originally an office building, but has been vacant for several years.
CBRE’s Phillip Sample, Chris Caras, Michael Shustak and Andrew Turf represented the seller, a private investor that owned the building for more than 30 years. Wendell Jones of Realty One Group Infinity represented the buyer.