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American Cement Building Listed for $25.5 Million

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[Photo by flickr user malwhitelaw]

Overlooking MacArthur Park, the 1960's-era former office American Cement building has gone on the market. Considered architecturally significant due to its X-cross external support frame (thus rendering the building free of internal supports), and one of the better adaptive reuse projects, the building is now leased as lofts. Designed by architecture firm DMJM in 1960, the 13-story building was purchased by its current owners in 1989 (according to Property Shark, the owner is listed as an entity called 2404 Wilshire Ltd), and underwent a $54 million renovation in 2002 which resulted in 71 live/work lofts. The lofts average about 1,588 square feet each. Today's asking price: $25.5 million or about $200 per square foot. UPDATE: The sales brochure on Loopnet also lays out the estimated gross income and expenses, and reveals buyers will assume a $17.25 million loan.
· 2404 Wilshire Blvd Los Angeles, CA 90057 [Redfin]