National real estate investor places long-term bet on the future of ‘DTLA’ as an emerging hub for technology and creative industries.
Los Angeles, Calif. (September 29, 2015) – Leading national real estate investment and management firm Jamestown, L.P., announced today their acquisition of Brunswig Square, an historic, 140,000 square-foot commercial office and retail building located at 360 East Second Street in the Little Tokyo neighborhood of downtown Los Angeles. Brunswig Square at once represents the past, present and future of the neighborhood—one that is rich in history, continuously evolving and primed for long-term growth as the city’s next creative corridor.
Amid the intense activity of downtown Los Angeles’ current development boom, the 131-year-old community of Little Tokyo lies adjacent to the bustling Arts District and is entering a new era as a place to dine, shop, explore, work, and live. Located at the intersection of East Second Street and South Central Avenue—a short walk from the District’s studios, restaurants and residences—the eight-story Brunswig Square features 110,000 square feet of high-quality office space atop 30,000 square feet of prime ground-floor retail.
“With our purchase of Brunswig Square, Jamestown is putting a stake in the ground for long-term investment in downtown Los Angeles,” said Jamestown President Michael Phillips. “DTLA, and the Arts District in particular, have the kind of creative energy that draws innovation and talent,” he added. “Our goal is to make Brunswig Square a central piece of the emerging creative hub bridging the Arts District and Little Tokyo in downtown LA, while also honoring and preserving its place in the historic fabric of the area,” said Phillips.
The building was originally designed by local architects AC Martin and built in 1931 for the Brunswig Drug Company, once known across the Southwest for their eponymous retail brand—and also as one of the foremost innovators in the wholesale pharmaceuticals business. Jamestown will preserve the historic character of the former factory and headquarters, which was last updated in 1986 before new renovations began last year, incorporating new concepts and amenities to distinguish Brunswig as a destination for the innovation sector. Ongoing renovations include converting traditional office space to premium creative office space with 14’-17’ ceiling heights, floor-to-ceiling glass windows and expansive skyline views, creating inspiring outdoor gathering spaces and designing retail experiences to serve the building’s tenants and surrounding neighborhood.
Jamestown has a celebrated reputation for restoring and enhancing high profile, historic real estate, with a deep focus on exceptional retail and commercial experiences. Leading examples include: San Francisco’s storied Ghirardelli Square – currently undergoing renovations to add food and retail; Atlanta’s Ponce City Market – the city’s largest-ever adaptive reuse development, featuring best-in-class office, retail and residential; and Chelsea Market in New York City – the upscale urban retail, dining and commercial complex that preserves the property’s industrial origins as the former home of the National Biscuit Company or Nabisco. Chelsea Market’s tenants include Google, the Food Network and MLB Digital Media.
Downtown Los Angeles continues to emerge as a creative office hub, attracting leading companies including Gensler, Hyperloop, Nasty Gal, NationBuilder and WeWork, as well as an ever-increasing number of start-ups. Brunswig Square is well-positioned to draw a similar tenant mix in establishing the building as a central hub for the community. There are more than 40 restaurants and retailers within walking distance, as well as approximately 600 residential units and access to the forthcoming downtown bike-sharing program. Additionally, the new Regional Connector light rail line, which will run through downtown and provide direct service to Santa Monica, Pasadena and Long Beach, is to be located a half block away.
Lee Polster at Westmac represented the sellers—a partnership between GreenOak and Arenda Capital Management.
Founded in 1983 with headquarters in Atlanta, Ga. and Cologne, Germany and offices in New York City, San Francisco, Ca. and Washington, D.C., Jamestown is a leader in acquisitions and value added management. Over 32 years, Jamestown has generated approximately $9 billion in strategic investments. The company is focused across the risk spectrum with core, core-plus and opportunistic funds in two primary markets: 24-hour cities and Sunbelt territories with strong demographic growth. For more information, visit www.jamestownlp.com.