The five-story, 77,100-sf office and retail building at Third Street and Broadway, was built in the 1890s and was renovated extensively by Bradbury Associates, a partnership including Burbank-based Shamrock Holdings of California Inc. as the major investor and the late Ira Yellin as general partner. Shamrock is the investment arm of the Roy E. Disney family, and Yellin was a prominent longtime Los Angeles developer known as a pioneer in Downtown L.A. revitalization projects.

Bruce Stein of Shamrock Holdings represented the seller in the transaction. William Stevenson of Downtown L.A.-based William Stevenson & Associates represented the buyer. Terms of the sale were not disclosed.

The Bradbury Building was designed by George Wyman, a draftsman chosen by mining magnate Lewis Bradbury, after he rejected the plan of a prominent Los Angeles architect. It features a five-story central atrium capped with a glass skylight, open cage elevators and staircases that feature ornate, French-style iron work, Mexican tile floors and pale brick and wood paneled walls.

Eric Bender, vice president of asset management for Downtown Properties, says the new owner of the historic building will continue to operate the Bradbury Building with the same mix of office and retail uses that has been its intended purpose since it opened in 1893. Bender notes that the Bradbury Building joins a portfolio of historic buildings owned by Downtown Properties, including the One Bunker Hill building, 818 West Seventh Street and the Hollywood Roosevelt Hotel. Downtown Properties Holdings is an investor in the group, which is currently renovating the historic Douglas Building, across the street from the Bradbury Building, to residential lofts and street level retail space. Shamrock's Genesis LA Real Estate Fund is also an investor in the Douglas Building renovation.

Shamrock Holdings partnered with Yellin on several projects, including the Grand Central Market. Shamrock also manages the Genesis LA Real Estate Fund, providing financing for projects in low and moderate-income areas of Los Angeles County.

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