Coca-Cola Facility in DTLA Arts District Begins 150k SF Creative Office Conversion
GlobeSt 11/17/14 http://www.globest.com/news/12_988/losangeles/development/150K-SF-Creative-Office-Build-Comes-DT-352541.html
The downtown arts district is set to get 150,000 square feet of creative office space in the former Coca-Cola production facility. GPI Companies and Atlas Capital formed a joint venture LLC under the name Atlas LA 4th St to purchase the property in April of this year for $19 million. The transaction was the largest industrialtransaction in the downtown market for the past three years. Now, the owners have revealed plans for a multi-million dollar renovation project to convert the warehouse into creative office and retail space. The development is set to come online in the fourth quarter of 2015.
HLW International is designing the project, dubbed Fourth & Traction. The five-story, class-A development will include 70,000 square feet of retail space on the street and subterranean levels. Creative office will be on the top four floors, and will feature 35,000-square-foot floor plates and 14-foot ceilings as well as large windows that show off panoramic views. The project will also include communal features, like an atrium lobby and a 10,000-square-foot rooftop penthouse and deck with outdoor kitchens and fire pits.
In preparation for next year’s opening, the owners have launched leasing efforts for both the retail and office portions of the building. Industry Partners will handle the leasing for the creative office space, while RKF will oversee leasing efforts for the retail portion. “The retail and the restaurant component of the project is really to service the community as a whole, not just the building itself. We are going to program this in a fashion that is very dedicated to the type of office user that will be occupying the building,” Rachel Rosenberg, EVP with RKF, tells GlobeSt.com. “We will have ancillary restaurants, coffee and bakery concepts that will be open around the clock, as well as specialty retail of brands that aren’t so typical to Los Angeles and that are a bit more experiential, as well as destination-type restaurants.” Rosenberg is handling leasing along with president Robert Cohn and associate Van Blackman. Although the team is receiving phenomenal interest in the spaces, Rosenberg says they don’t have a firm goal for lease-up because they are focused on creating the right tenant mix rather than filling the space.
In addition to the property’s quality creative office spaces and amenities, it will also feature a seven-story, 300-stall parking structure, a rarity in the arts district that will surely attract many tenants. “The ease and accessibility of the parking program really sets this property apart,” says Rosenberg. “Right now the arts district has mainly low-rise single-purpose buildings with little to no parking. This is going to be a game changer.”
Located at 963 East 4th Street, the property is one of many developments in the neighborhood, including One Santa Fe and the newly completed Barker Block lofts. The remaining developments are mixed-use multifamily and retail, making Fourth & Traction an anomaly in the area. “We have received a fairly large amount of interest already,” says Rosenberg. “I think the arts district in Downtown L.A. is one of the most talked about districts in the country.”
*Shared by Jeff Vertun