A vacant mid-rise office building in the heart of downtown Los Angeles has recently been placed on the market, after it last traded approximately seven years ago. The property, which is located at 737 S. Broadway, is listed by the Brandon Michaels Group, with guidance pricing set at $20.5 million, or about $300 per square foot.
Totaling 68,160 square feet, the eight-story office building is currently owned by an entity affiliated with Broadwday Investments LLC, which acquired it in 2015 at an undisclosed amount, according to public records.
Now, back on the market, the property is in shell condition with a 9,374 square foot retail space at the ground floor level. Once occupied by The Gap, the space is now move-in ready. The remaining seven floors average 8,362 square feet, with an additional basement space totaling 7,254 square feet.
In recent years, the building has also undergone significant upgrades, including a new fire alarm, sprinklers, electrical upgrades, a new elevator, plumbing and more.
Centrally located in the heart of Downtown Los Angeles, the property is also near a number of prominent employers, retail amenities and popular attractions. For instance, the Crypto.com Arena is just one mile from the building. While highly walkable, the area also sees about 22,000 vehicles per day.
The area also maintains a large population, and has seen year-over-year rent growth, according to the listing. Currently, there are more than 69,000 people within one mile of the property and over 532,000 people within three miles of the property. Additionally, the average household income within a one-mile radius of the property is more than $91,000 per year.
