The Bloc’s Retail Component Reaches 90% Leasing Threshold
Follows on Success of Sheraton Grand at LA’s Largest Mixed-Use Complex
Four-Year Renovation and Repositioning Nears Completion
Los Angeles (July 18, 2018) After a four-year $250 million enhancement and makeover, The Bloc, the city’s largest mixed-use site, is realizing the promise of its strategy to create a transformative urban shopping, hospitality, office, and entertainment destination in the heart of downtown.
National Real Estate Advisors, LLC (National) on behalf of its INDURE Build-to-Core Fund announced today that recent tenant signings bring The Bloc’s 420,000-square-foot, open air-retail center to more than 90% leased. The center is anchored by a Macy’s flagship store and new Alamo Drafthouse Cinema scheduled to open next spring.
This success follows on the consistent near 90% occupancy registered at The Bloc’s hotel, which National upgraded and rebranded into a Sheraton Grand in April 2016. Over the past year, The Bloc has also leased 120,000 square feet in its 33-story tower, which has been renovated into prime Class A, creative office space.
The impressive roster of recent retail tenant signings include:
- Nordstrom Local, a neighborhood hub where customers can access Nordstrom services in a convenient, central location
- UCLA Health, the regional healthcare provider;
- MARUGAME UDON, an upscale cafeteria-style restaurant serving made-to-order Japanese Sanuki Udon noodles and fresh Tempura that is personally customized by you;
- JOEY Restaurants, a modern American dining experience with locally and globally inspired, handcrafted menu creations in a warm, modern setting and
- An international fashion retailer.
Jeffrey Kanne, President and CEO of National Real Estate Advisors, said: “The Bloc is delivering on our commitment to create further momentum in strengthening downtown as a primary 24-hour commercial and residential center. It’s creating value for our investors, providing jobs, and increasing economic activity for this important urban core. We see continuing very positive momentum as we look to lease the remaining retail and office space in this vanguard project in the coming months.”
About The Bloc
Located on a full city block in the heart of downtown Los Angeles between Hope and Flower streets, The Bloc is the city’s largest mixed-use site, comprised of a 420,000 square-foot, open-air urban retail center; a 722,000-square foot office tower; and a luxury 496-room Sheraton Grand hotel. Owned by National Real Estate Advisors’ INDURE Build-to-Core Fund, The Bloc is completing a $250 million enhancement, an important component to downtown’s ongoing revitalization. It encompasses unique shops, premier retailers, restaurants, entertainment venues, upscale hospitality and prime LEED-certified office space. Originally built in 1973 by architect Charles Luckman, the redevelopment is anchored by a fully-renovated Macy’s flagship store and a new Alamo Drafthouse Cinema, as well as the completely refurbished Sheraton Grand Los Angeles and the upgraded 33-story, Class-A office building. The Bloc also features a direct connection to the 7th Street Metro Center Station where four lines converge. For more information, visit www.theblocla.com. @TheBlocLA