HFF, on behalf of the owner, is marketing a joint venture investment opportunity for sale in ProduceLA, a ground-up, mixed-use development located on 1.64 acres at 640 S. Santa Fe Avenue in a Qualified Opportunity Zone in the Arts District of Downtown Los Angeles. The project will deliver a fully entitled, 113,613-square-foot, Class A creative office building and will be “shovel ready” by the second quarter of 2019. ProduceLA is the only purpose-built creative office project built in the Arts District that can accommodate a 100,000-square-foot single tenant. The development of the project is a testament to the increasing commercial and residential demand in the submarket, and the property is well-positioned to become the top commercial property within the Arts District.
The proposed four-story building has spacious open floor plans, 12-foot ceilings, outdoor balcony space, a 4,000-square-foot rooftop deck with sweeping views of the Arts District and Downtown Los Angeles and parking for 216 cars. The property is located just half a block from the entrance to the Sixth Street Viaduct Project and PARC (Park, Arts, River and Connectivity Improvements Project) in Los Angeles’ Art District. Situated on the eastside of downtown, the Arts District is famously home to galleries and cultural spaces, live/work lofts and unique restaurants and retail in converted warehouses and former factories. Prior to the Arts District being established as a bona fide creative industry destination, the creative industry hubs of Los Angeles were all located in the West LA Office market. Downtown Los Angeles is the main transportation hub of Southern California and has historically been home to Los Angeles’ largest corporate employers due to the central location and access to the largest talent pool. The Arts District has acted like a catcher’s mitt for TAMI tenants who want to work in a cool environment where they are surrounded by other creatives and can lease authentic creative office space for a substantial discount to the West LA creative markets. The maturation of the dining and cultural scene in the Arts District caught the attention of tenants and developers alike. Since 2013, some of the most exciting chefs and creative tenants in Los Angeles have made the Arts District their new home.
For more information on this commercial real estate listing or any other office properties for sale in Southern California, please contact Andrew Harper, Paul Brindley or Matthew Stewart in HFF’s Los Angeles office. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.
Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.