Developer LIVWRK has teamed up to buy a 65,000-square-foot building in the Arts District, with plans for a major overhaul.
The partnership on the property at 800 Traction Avenue is with Daniel Kotzer, founder of Downtown Los Angeles production firm Willow Studios. LIVWRK CEO Asher Abehsera and Kotzer announced the news to The Real Deal on Monday. The price was not disclosed, but it was said to be around $20 million.
That’s about the same price seller DLJ Real Estate Capital Partners paid for the property — which includes an adjacent two-story structure — in 2017.
Abehsera and Kotzer, who were high school classmates, plan to overhaul the building to “get it to a state where a big office tenant will want to take it,” Kotzer said.
“It could be fashion, media or technology,” Abehsera added. “A single occupier user that isn’t large, but large enough, and wants to plant their flag [in the Arts District].”
At the adjacent structure, the duo hopes to sign a restaurant.
This is New York-based LIVWRK’s first venture in the Arts District, which is known for trendy restaurants and has office tenants that include Warner Music. Last October, LIVWRK and DFH Partners agreed to buy the 42-acre Baldwin Hills Crenshaw Plaza mall, but walked away by year end. Outside of L.A., LIVWRK is buying a 2.5-acre assemblage in Miami for around $25 million.
Willow Studios is headquartered at 1345 Palmetto Street — a building that Kotzer’s father bought in 2000.