Brookfield Properties has completed the 600,000-square-foot first phase of its $170 million project to remake the struggling California Market Center complex in Downtown Los Angeles.
With Gensler designing the remodel, Brookfield finished the full-building renovation on one of three interconnected properties that comprise the historic market.
The newly reimagined structure will house the market’s fashion showrooms, which had been previously scattered across the complex. Brookfield said in a statement that the company is “committed to the renaissance of Downtown Los Angeles and its future as a primary location for tech, media, and other forward-thinking industries.”
Brookfield finishes first phase of California Market Center remodel
The massive space is dedicated to fashion showrooms and event space for Los Angeles’ growing wholesale apparel industry. Brookfield, which started the renovation in 2018, has replaced the building’s facade with floor-to-ceiling windows.
Tenants include retailers like Paige, Willow, Fila, Puma, Herschel Kids, Native Shoes, Little Marc Jacobs, and Stella McCartney Kids among others. Each floor in the renovated building is curated by product category.
Brookfield acquired a controlling interest in the sprawling market in June 2017, in a deal that valued the property at nearly $440 million. Koreatown-based developer Jamison, which paid $135 million for the site in 2004, retains a stake in the center.
Brookfield is hoping the market will become a destination not only for fashion merchandisers but also for Downtown LA’s growing number of professionals living in loft spaces and apartments. In addition to showrooms, the complex will also include creative office space.
The remodel of the entire 1.8 million-square-foot complex will include 150,000 square feet of ground-floor retail space and restaurants, outdoor decks and lush landscaping once it is completed in mid-2021.