Broadway Trade Center Hits The Market For Reported $425M
The owners of Downtown Los Angeles’ sprawling and historic Broadway Trade Center have put it on the market, reportedly with a $425M asking price.
Commercial Observer first reported that “off-market listings” it obtained show the asking price started at $425M. CBRE, which is the exclusive broker for the Broadway Trade Center, confirmed that the property is listed for sale, but a representative said that no asking price was disclosed and the listing was not off-market. Access to marketing materials through CBRE’s main property portal requires the viewer to sign a confidentiality agreement before viewing them.
In August, CO reported that the owners were looking to sell the massive property after unsuccessfully attempting to secure $251M in bridge financing.
New York-based Waterbridge Capital and Continental Equities own the 1.1M SF building that takes up half a city block at Broadway and Eighth Street. They purchased the 112-year-old building in 2014, paying $122.3M, public records show.
The two originally planned extensive renovations for an array of new uses in the space, including a hotel, a giant food hall, retail and a dazzling public rooftop courtesy of Downtown LA-based architecture firm Omgivning, which has worked on a number of adaptive reuse projects in the neighborhood.
Though the building has entitlements for office, retail, restaurant, hotel and residential uses, it is currently unoccupied.