X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LOS ANGELES-Several new tenants have leased a combined 75,000 sf of showroom space at the Pacific Design Center in West Hollywood, breathing more new life into a fabled project that was facing foreclosure just a year ago.

Nearly a dozen new tenants have moved into the 16-acre Westside development. Three others–high-end furnishing retailer Beacon Hill, outdoor and garden furniture boutique Janus et Cie and kitchen-and-bath designers Euroconcepts–have expanded their existing space over the past few months.

In a complicated sale that involved a deed-in-lieu of foreclosure, an East Coast group that includes Charles S. Cohen of New York and the Cheslock Bakker Opportunity Fund acquired the 1.2-million-sf furniture and design showroom project last year in a deal valued at about $157 million. The group also pledged to spend tens of millions to renovate the development, nicknamed “the blue whale” for the mammoth blue building that anchors the complex.

About $40 million alone is being spent to convert some of the showroom space into 212,000 sf of class A creative office space targeted at the entertainment and Internet industries. Elevators are being added and the lobby redesigned.

Cohen is president and CEO of Cohen Bros. Realty. He also owns the D&D (Decoration and Design) Building in Manhattan, which gives the investor control of each coast’s largest design showroom projects.

PDC, design, Cohen, Cheslock, lease, retail, West Hollywood, Myers

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.