The six-story, 45k SF art deco building at 537 S Broadway was recently picked up by King's Arch for $7.35M, which has plans for a $5M makeover. Company founder Allen Shamooilian tells Bisnow the building is a rare confluence of great architecture and massive investment activity in a surging market. In the last month alone, we've told you about the investment overhaul of DTLA, including several landmark projects opening this fall. And just last week, multifamily construction was complete on the 438-unit One Sante Fe project.

Allen tells us the company has already begun fielding interest from prospective tenants and unsolicited buyers. The reno will include outdoor seating/landscaping with music, free WiFi, ping pong, foosball and more. In addition, the building will get infrastructure work done, such as pricey Nest thermostats and a complete overhaul of plumbing, including kitchenette’s in each office and a brand-new access control system. The building is centrally located with the Ace Hotel (where sale rumors have been swirling) to the south and The Grand Central Market to the north.

The building was originally designed by LA legends Walker & Eisen, and features high ceilings, operable windows, concrete floors, exposed brick walls and multiple private outdoor spaces. And Allen should have the city staunchly on his side, as the "Bringing Back Broadway" push is being championed by LA Councilman Jose Huizar.