IRVINE, CA-An unconfirmed seller is offering the historic Woolworth Building at 719-725 S. Broadway in Downtown L.A. for sale via an online auction on Auction.com. The online real estate marketplace, in conjunction with Starwood Mortgage Capital, will conduct the auction on March 10. Industry sources unrelated to the deal tell GlobeSt.com that the seller is a joint venture between private investors Mark Geragos and Brian Kabatek.

The Woolworth Building, a 76,072-square-foot, single-tenant retail space now occupied by Ross Dress for Less, was built in 1920 by legendary American architectural firm Weeks and Day. The four-story asset is one of Los Angeles' most distinctive properties.

In 2011, the Woolworth Building underwent a complete renovation as part of the Los Angeles "Bringing Back Broadway" initiative, a public-private partnership aimed at restoring the historic theater district on Broadway in Downtown L.A. The renovation included an exterior update of the 120-ft. frontage to the prominent shopping district as well as an interior update to highlight the building's art deco past with two historic grand staircases consisting of original terrazzo floors connecting the first floor with the basement.

"The Woolworth Building is an iconic structure reminiscent of Old Hollywood," says Eric Paulsen, EVP and general manager of commercial real estate for Auction.com. "It's intriguing to be able to sell a piece of history using real estate's most cutting-edge online sales platform."

Paulsen tells GlobeSt.com that auctioning this property is significant for Auction.com because people will now associate the firm with this famous property and recognize it as a vehicle for selling not just distressed properties but also well-regarded non-distressed properties. "It has some cachet, and it's nice to be able to attach your name to a piece of real estate with such broad appeal."

As GlobeSt.com reported earlier this month, Auction.com is shifting its business approach, according to Rick Sharga, EVP of the firm. Originally focused on moving the huge volume of distressed assets borne of the Great Recession, Auction.com is now working more with non-distressed assets.

Marketing a good-quality piece of real estate at auction also increases the number and scope of bidders, both domestically and internationally, Paulsen adds. "By taking this building to the auction, it increases the demand of these buyers for one asset. We're hoping to generate interest from a lot more people than might be done under a different process."

Prospective buyers may attend several property tours scheduled for Feb. 27, March 4 and March 6 from 10 a.m. to 2 p.m. The online auction begins at 9 a.m. PS on March 10 and concludes at 9 a.m. PT on March 12. Bidders must register at www.auction.com, provide a $50,000 deposit and proof of funds.