DTLA Federal Courthouse On GSA's New 'Accelerated Disposition' List
The General Services Administration last week listed the federal courthouse at 312 Spring St. in Downtown Los Angeles for "accelerated disposition."
The 1930s-era courthouse measures nearly 752K SF in the Civic Center area of Downtown near other federal and county courthouses and government buildings, including City Hall.
The main tenants of the building are U.S. attorneys, the National Labor Relations Board, the Small Business Administration, the GSA and some Los Angeles Superior Court operations, according to the GSA.
The GSA did not respond to a request for comment about the building's occupancy rate.
The investor pool for the historic property might be fairly shallow, Cushman & Wakefield Vice Chair Mike Condon said.
"When you see Class-A, trophy high-rises selling, ballpark, from around about $125 a square foot, and those are typically already fully renovated, I think there will be some obvious challenges," Condon said.
Condon did say he would not be surprised by interest from a high-net-worth buyer or family office. Those buyers have tended to be the ones ponying up for Downtown office buildings over the last couple of years.
This property was previously on a list of "noncore" properties marked for sale that the GSA posted in early March and took down in less than a day. This new list reflects "a more incremental approach focusing on a shorter list of assets that have already been evaluated" for factors including the cost of deferred maintenance for the building, according to an FAQ on the GSA site.
