Phillip Sample and Chris Caras of Newmark's West Los Angeles office represented the seller, with the buyer represented by Dan Daneshrad of the Downtown L.A. office of Grubb & Ellis.
The property, which was built in 1925, is at 1108 S. Broadway. Sample and Caras note that the facility housed the U.S. Department of Labor Job Corps program, overseen by the YWCA, for the past 30 years. The building was originally a hotel that was converted to part office with dormitory units upstairs for youths in the training program. The Newmark brokers say the Department of Labor plans to lease back the entire facility for an undisclosed amount of time. The sales price of the property was undisclosed as well, but the buyer is believed to have paid about $5 million for the building.
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