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Oviatt and Fine Arts Buildings for Sale
Two of Downtown's architectural landmarks are up for sale. The real estate investment firm Blue Real Estate recently announced it is selling the Oviatt and Fine Arts buildings. Bob Safai, a principal with Madison Partners, which has the listing, said interest is high. "We've seen a lot of demand for the assets because they're architecturally unique," he said, estimating that both properties would sell for around $200 per square foot. Demand is also solid, Safai said, because adaptive reuse has decreased the amount of available office space in Downtown. "These are the last of a dying breed," he said. Constructed in 1927, the 12-story Oviatt at 617 S. Olive St. is famous for its French marble, Lalique glass, neon clock and intricate Art Deco touches. Beverly Hills-based Blue Real Estate purchased it in early 2004 for $9 million. The firm bought the Fine Arts Building in May 2003, paying $12.7 million. That structure, at 811 E. Seventh St., was built in 1926 in a Spanish Renaissance style. Blue Real Estate is selling off its entire 13-property portfolio, which includes about 800,000 square feet in mixed-use and office buildings.
page 2, 1/30/2006
© Los Angeles Downtown News. Reprinting items retrieved from the archives are for personal use only. They may not be reproduced or retransmitted without permission of the Los Angeles Downtown News. If you would like to redistribute anything from the Los Angeles Downtown News Archives, please call our permissions department at (213) 481-1448.
page 2, 1/30/2006
© Los Angeles Downtown News. Reprinting items retrieved from the archives are for personal use only. They may not be reproduced or retransmitted without permission of the Los Angeles Downtown News. If you would like to redistribute anything from the Los Angeles Downtown News Archives, please call our permissions department at (213) 481-1448.
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