A tipster wrote in last week concerned about the fate of the distinctively-balconied old ICM building at Beverly and La Peer--8899 Beverly has just sold to a "joint venture of New York’s Angelo Gordon & Co. and L.A.’s Townscape Partners," reports the LA Business Journal (sub. req.), in a deal estimated at about $40 million. The 85,000 square foot building (now known as the Los Angeles International Design Center) was built in 1962 and designed by underrated local modernist Richard Dorman, according to You Are Here. It sits on two acres of land. A Townscape cofounder tells the LABJ "that his company was attracted to the building because it’s somewhat outdated, allowing for a renovation that can draw higher rents," but also that "we are exploring our options on it and figuring out a way to maximize its potential." Meanwhile, our tipster is nervous: "rumors are flying that it’s going to be torn down or turned into condos." The building sits in a WeHo area zoned for commercial use, but in which "Mixed-use developments with residential and office uses above businesses are encouraged." So things could potentially get interesting.
· West Hollywood Deal in Rare Neighborhood [LABJ, sub. req.]