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The Swig Co. has listed 617 W. Seventh St., a 12-story office near The Bloc shopping mall that it says has residential conversion potential, for sale.
The 215K SF building was originally built in 1923 and renovated in 2001 and again in 2022, according to marketing materials. A team led by JLL’s Andrew Harper is offering the property for sale, The Real Deal reported.
Representatives for Swig declined to comment when reached out to by Bisnow on Tuesday.
The office building is eligible for conversion under the city’s adaptive reuse policy, the marketing materials state.
The building is 39% occupied and has a 16K SF, ground-floor Walgreens which has a lease that runs until 2084, potentially throwing a wrench in the conversion process, TRD reported, noting that fully vacant buildings are usually the most desirable type of conversion property.
Swig bought the property in 2011, paying $38.8M, public records show.
The Los Angeles metro had 2,442 office-to-apartment conversions planned for this year, up 6% from 2023, according to a RentCafe report.
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