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Joining the wave of momentum in DTLA, the Merritt Building just sold for $24M.
The historic, nine-story building at 761 South Broadway sold to an international investor.
While the buyer is undisclosed, the seller was a group of local investors repped by Cushman & Wakefield executive managing director Mike Condon Jr. and associate Kelli Snyder.
The 55,948 SF building sold for $429/SF, the LA Times reports.
There is currently retail on the bottom floor of the century-old building, but the top floors are vacant.
While the buyers have not yet said what their plans are for the building, possibilities include turning it into a hotel or creative offices. [LAT]
