Nary a day goes by that a building in Los Angeles isn't converted from empty office space to hip lofts. So goes today, with news from the Mayor's Office that the building permits have been issued for conversion of the Hollywood Professional Building at Sycamore and Hollywood. The building will be adaptively reused into 42 loft units, courtesy of the workaholics at CIM Group. While Ronald Reagan was president of the Screen Actor's Guild, he had an office on the building's 8th floor. We expect that penthouse suite to fetch a pretty, pretty penny.