Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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?

Dig Deeper


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.