Atlanta developer Jamestown Properties has acquired a 1930s office-retail complex in Downtown LA’s Little Tokyo district known as Brunswig Square, and plans to convert the building to creative office use. The property consists of 110k SF of office atop 30k SF of retail.
Little Tokyo is near the Arts District, which is considered Downtown LA’s creative corridor. The neighborhood has millions of square feet of industrial structures undergoing renovation to creative office space.
Jamestown president Michael Phillips says the company's goal is to make Brunswig Square a central piece of the emerging creative hub bridging the Arts District and Little Tokyo in downtown.
Located at 360 E 2nd St, at the intersection of South Central Avenue, the building originally housed industrial operations of the Brunswig Drug Co, which manufactured pharmaceuticals and cosmetics. The new owner plans to retain the property’s historic qualities, like high ceilings and floor-to-ceiling windows, while adding modern features and amenities that appeal to creative office users, such as outdoor spaces.
Over the last couple of years, Jamestown has been investing in the LA area, acquiring the four-building Lantana office complex in Santa Monica in 2013 and Malibu Village shopping center in Malibu in 2014.
Terms of the deal were undisclosed, but sources close to it estimate the price paid sellers GreenOak Real Estate Advisors and Arenda Capital Management was in the neighborhood of $60M.
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