(Los Angeles Conservancy photo)
The historic 13-story tower on Fifth and Grand Street in downtown Los Angeles, which is now known as One Bunker Hill, has been sold and will be restored. The new owners plan to bring back much of its original 1930s grandeur in order to help attract creative and entertainment businesses.
The building was completed in 1931 and is considered one of L.A.’s classic Art Deco structures. For decades it was the home of Southern California Edison Co. Now there are a variety of businesses that lease office space in the 270,000 square-foot building. It is 90% occupied, the Los Angeles Times reports, but the new owners noted “the current office space is pretty tired.
“We’re going to start immediately on the renovation,” said Christopher Rising, whose Rising Realty Partners bought the building along in partnership with Houston’s Lionstone Investments and Hermes Investment Management of London.
Terms of the sale were not disclosed.
The main restoration will include ripping out many of the “improvements” made in the 1980s and reverting it back to how it was originally. This will include tearing out the carpet and drop ceilings. Additionally, glass walls and roofs that were added in the 1980s and cover the terraces on the upper floors will be removed, which will allow the terraces to be used as outdoor patios.
The new owners also plan to change the name from One Bunker Hill.
In a joint statement, Lionstone and Hermes both cited the growing downtown market as to why they purchased the building. Anyone who has been through DTLA lately is acutely aware of the revitalization taking place.
“The resurgence of the downtown submarket of Los Angeles, along with the unique features of this historical property, make this investment very attractive.”
This ownership group has already restored the historic PacMutual building in DTLA, which was also built early in the 20th century.