One of Downtown LA's Art Deco classics, the Title Guarantee Building Lofts (original name: the Title Guarantee and Trust Company Building), is on the market. The twelve-story rental building was built in 1931 and designed by the father and son team of John and Donald Parkinson--the Parkinsons also designed LA's most prominent Art Deco landmark, City Hall, along with Bullocks Wilshire and Union Station. Kitty corner to Pershing Square, the building was added to the National Register of Historic Places in 1984, but has received a lot of recent attention with the opening of the popular rooftop bar restaurant Perch, which looks across Fifth Street out onto the Title Guarantee's upper balconies.
Offers on the building are due August 23 with a buyer to be picked on September 11. The building has 74 units, 98 parking spaces, and is 100 percent occupied with, according to the listing, below-market rents.
If you want to guess what the building might go for, a similarly situated multi-family property a few blocks away, Santee Village, sold for over $200,000 a unit in November 2010.
· Title Guarantee Building Lofts [Real Capital Markets]
· A Big Move for a Big Mover [Downtown News]