Historic Building Sells Downtown
A Canadian buyer scooped up National City Tower for more than $43M, marking its entry into the Downtown LA market. (Not counting Justin Bieber, who crossed the border and entered LA a long time ago.)
National City Tower is a 12-story, 93-unit historic adaptive reuse development. Charles Dunn Co senior managing director Janet Neman, who repped the seller along with colleague Bryan Glenn, says the deal reflects Downtown's transformation as it evolves into a Manhattan-like city. The 26-year veteran has personally witnessed that growth, having sold the Higgins Building at Second and Main in the late '90s for $10/SF (not a typo). Janet and Bryan fielded multiple offers for National City Tower—built in 1924 as a National City Bank branch and redeveloped in 2008—before selecting RC Acquisitions LLC, a Canadian firm that owns other high-end residential properties in SoCal. The dynamic duo also repped the buyer. Sklar Kirsh attorney Andrew Kirsh advised the buyer.
The mixed-use property (810 S Spring St) includes 93 residential units, including four penthouses, with popular Italian eatery Terroni on the ground floor. The building benefits from The Mills Act (property tax reduction in exchange for rehabbing, restoring, and maintaining historic properties). Janet and Bryan previously sold Milano Lofts, another historic Downtown building that was converted to apartments on top of retail. Tonight, Janet will be honored as one of the Century City Chamber of Commerce Women's Business Council's Women of Achievement. In April, Bryan will be getting married in Brazil, where his fiancee is from.