A century-old red brick office complex in Venice that once housed the business of legendary furniture designers Charles and Ray Eames has been sold to New York investors who plan to improve the property. The building is an ideal creative office space with exposed brick, bow truss ceilings, open floor plans, polished concrete floors and aesthetically pleasing garden area in front. Located on Abbot Kinney and Main St, this building is in a highly desirable location as the "Venicessance" continues to grow Venice into a top submarket for Los Angeles tech and creative companies.
DLJ Real Estate Capital Partners bought the building at 901 Abbot Kinney Blvd. from NextEngine Ventures for $13 million, according to sale documents.
The new owners will do some minor restoration of the 14,275-square-foot building and work to find additional tenants. Facebook recently called it home and currently Continuum Innovation resides there, with 9,000 SF available.
DLJ's acquisition is part of the company's strategy to buy and restore vintage properties. The company bought the historic Taft Building at Hollywood Boulevard and Vine Street in December and is working on a $15-million retrofit of the office tower completed in 1923. It is also developing a shopping-and-apartment complex with 1,000 units called Blvd 6200 near Hollywood and Vine with Clarett West Development.
*Shared by Ted Simpson, Scott Steuber & Jeff Vertun