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LOS ANGELES-LaeRoc Partners has acquired the historic Gerry Building in the heart of the downtown fashion district from MJW Investments of Santa Monica for $14.3 million, according to CB Richard Ellis. The asset is a 115,000-sf, nine-story building that CBRE brokers Ed Rosenthal and Mark Tarczynski describe as only one of a handful of Streamline Moderne styled buildings in downtown Los Angeles.

Rosenthal and Tarczynski, who are with CBRE’s Urban Redevelopment Group, represented both parties in the sale. The Gerry Building was built by Samuel Gerry to function as the headquarters for his women’s intimate apparel company, Marathon Underwear Co.

Built just two years after the end of World War II for approximately $650,000, the building was completely renovated in 2001. Rosenthal says that the sale closed at a relatively low cap rate of 6% on “a well occupied building with no parking.” That, he said, “demonstrates high investor optimism in the Los Angeles Garment District area.”

The Gerry Building was designed by architects Maurice Fleishman and Herbert O. Alden. Maurice Fleishman went on to design other notable projects such as the Westwood Towers in 1950, the Del Rey Yacht Club in 1956, and the Beverly Hills Municipal Court in 1969.

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