The developer acquired the Brockman Building from Thermo Cos. of Denver, according to Mark Tarczynski of the Urban Redevelopment Group at CB Richard Ellis, who represented both parties in the approximately $7.5-million sale. The 12-story building is at 520 W. 7th St. and is known for the role it played when silent screen actor Harold Lloyd dangled precariously from its clock in a movie called "Safety Last." Tarczynski describes the condo conversion project as high-end live-work loft condominiums with ground-floor retail space, a swimming pool and penthouses. The CBRE broker notes that only 8% of the close to 5,000 residential units expected to be completed in Downtown L.A. in the next two years will be for-sale housing.
West Millennium expects to begin construction of the loft-style condominiums within a month. The 76 units will range from approximately 800 to 2,300 sf and will include three penthouses. The project is being designed by Donald Alec Barany Architects of Santa Monica, with the West Los Angeles-based Salter Co. as the general contractor. Prices for the condo units have not yet been set.
The Brockman Building joins a growing list of former L.A. office buildings being converted to housing. The 12-story tower traces its history to 1905, when mining magnate John Brockman retained architect Harrison Albright to design the office tower. It was built in two phases, in 1912 and 1917, and made its appearance in the Harold Lloyd movie in 1923.
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