440 Seaton Street in the Arts District
A 105-year-old warehouse in the Arts District will be converted into an office and retail space, seizing on a growing trend of repurposing aging properties in the neighborhood.
The three-story brick building at 440 Seaton Street will have 50,000 square feet of office space and open floor plans that can be broken up into spaces as small as 3,000 square feet, according to Urbanize. The renovation of the property is expected to cost $15 million and wrap up early next year.
The owner is a Beverly Hills-based LLC that purchased the property in 2010 for $5.25 million. The LLC also owns a neighboring single-story garage property, although it’s unclear if that property will incorporated into the larger office development.
The warehouse is on the northwestern edge of the Arts District, which continues to see a steady influx of both new development and industrial conversions.
The Mexico City-based developer Grupo Habito is converting an industrial property into a 66-key hotel just around the corner from the Seaton Street warehouse.
The Real Deal reported in January that Spotify was nearing a deal for a 100,000-square-foot office space at 555 Mateo Street, one of the few ground-up office developments in the neighborhood.
Downtown-based Urbanlime Real Estate is handling leasing for the property. [Urbanize] – Dennis Lynch
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