Los Angeles (June 7, 2018) – National Real Estate Advisors, LLC (“National”) has awarded CBRE Asset Services (“CBRE”) the property management assignment for the retail and office components of The Bloc, National’s high-profile Downtown Los Angeles mixed-use redevelopment project.
Originally built in 1973 by architect Charles Luckman, The Bloc is located on a full city block between Hope and Flower Streets in the heart of downtown, and directly connected to the 7th Street Metro Center Station. It is the city’s largest mixed-use site, anchored by 420,000-square-foot open-air, urban retail center, 722,000-square foot office tower and the 496-room Sheraton Grand hotel.
National is leading the $250 million renovation of the office and retail components, as well as the redevelopment of the hotel. The 420,000-square-foot shopping center complex is anchored by a Macy’s flagship store and features a revamped line-up of unique shops, premier retailers, restaurants, and entertainment. The 34-story office building has been transformed into LEED® Gold certified Class A space, while National upgraded the hotel into a luxury Sheraton Grand, now one of the city’s highest-rated lodging facilities.
“Bringing CBRE on board to manage The Bloc’s retail and office space will continue the recent momentum we have achieved in realizing our vision for creating a transformational redevelopment, part of downtown’s ongoing revitalization,” said Jeffrey Kanne, National’s president and chief executive officer. “The retail, office and hospitality components are now positioned to work together, benefiting our office tenants, retailers and hotel guests, as well as delivering an exceptional amenity for local workers and downtown residents.”
Added Mike Ruppert, managing director of CBRE’s Asset Services business line for the Greater Los Angeles region, “This is an important assignment at one of the most prominent and high-visibility properties in Downtown Los Angeles. Given that CBRE is currently the leasing team for the office space, we have good insight into how the site and the office space are perceived in the market.”
CBRE will manage The Bloc as a private-label program that will take advantage of the strong branding already in place.
“With our technology-enabled processes and programs, we feel CBRE Asset Services can enhance the functionality while bringing tremendous value and expertise to this world-class project,” said Executive Managing Director for Asset Services in the Western Division, Robert Peddicord
Demand for downtown creative office, retail and amenities has been booming as technology, media and entertainment companies have been moving their operations into the area. Downtown Los Angeles has seen a steady influx of projects and redevelopment of existing buildings across all neighborhoods, including the historic core, the financial district, and South Park. Since 1999, Downtown has received more than $7.3 billion in residential, $1.2 billion in arts & entertainment, and $2.6 billion in civic and institutional investments.