The new owner plans to modernize the 96,000-sf building at 617 S. Olive St., according to Ed Rosenthal, Bruce Asper and John Zanetos of CBRE's Urban Redevelopment Team, which represented both parties in the sale. The CBRE brokers say the plans call for modernizing the building's mechanics while restoring much of the Oviatt's original architecture. The Oviatt Building, registered as a Los Angeles Cultural Landmark, is considered to feature the finest preserved art deco interior design in the City of Los Angeles. Built in 1928 as headquarters for clothing company Alexander & Oviatt, and designed by Walker & Eisen, the building features an exterior draped in Italian Romanesque architecture and features a 10-room rooftop penthouse, rentable office space, and the upscale Cicada restaurant on the ground floor. Virtually all of the building's hand-crafted fixtures and furnishing were imported from France, including the lobby entrance, which once housed nearly 30 tons of glass designed by famed artist Renee Lalique. According to the Los Angeles conservancy, Alexander & Oviatt's owner, James Oviatt, conceived of the idea of the Romanesque design when he attended the 1925 Paris Exposition during the early phases of construction of the building, which included a penthouse office for Oviatt, and he saw the then-new architectural style and decided that he wanted such a design for his building.

The acquisition represents the second historic office building purchased by Blue Real Estate in Downtown Los Angeles since the buyer closed escrow on the Fine Arts Building located at 811 W. 7th St. in the spring of 2003. The firm's 13 building portfolio is a collection of historic or architecturally unique buildings in California.