LOS ANGELES — M&Y Management has acquired the Oviatt Building, a legendary Art Deco building located at 617 S. Olive St. in downtown Los Angeles, for $16.5 million or $125 per square foot. The 12-story, 107,396-square-foot high-rise was built in 1928 by James Oviatt, a celebrity stylist and designer. In 1988, the property was restored to preserve its original features such as an installation of Lalique glass, French marble features, oak paneling and a hand-operated elevator. Currently, the property is 70 percent occupied with tenants, including Cicada restaurant. Bob Safai of Madison Partners represented the seller, Blue Real Estate, in the transaction; the buyer was self-represented.
OVIATT BUILDING SELLS FOR $16.5 MILLION