LOS ANGELES—New York-based developer the Sydell Group has purchased the historic Commercial Exchange Building from a group of private investors. The developer purchased the building for an undisclosed amount and plans to completely gut and transform the property into a boutique hotel.

“The seller chose this time to sell the property because there’s a positive momentum in the market right now that’s at an all-time high,” Chris Caras, an SVP at CBRE who represented the sellers in the transaction, tells GlobeSt.com. Caras represented the sellers along with CBRE SVPs Michael Shustak and Phillip Sample. Shustak tells GlobeSt.com, “A contributing factor to these highs is the increase in demand from alternative sources. For the first time, hoteliers are looking for conversions in Downtown Los Angeles. Until recently, this would have been unheard-of.  Competition from hotel, apartments and creative office developers is pushing prices to all-time highs.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.