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Rendering of Herald Examiner Building
1111 South Broadway, Downtown Los Angeles, CA |
LOS ANGELES, CA –– HFF announces the $56.4 million bridge financing for the
redevelopment and renovation of the Herald Examiner Building, an approximately
100,000-square-foot, one-of-a-kind, historic building in Downtown Los Angeles,
California.
The HFF team worked on behalf of
the developer, The Georgetown Company, to arrange a bridge loan from J.P. Morgan.
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| Julia Morgan |
Loan proceeds will be used to
fund the renovation and restoration of this iconic property to its former
grandeur, which includes redeveloping the existing structure into creative
office, retail and restaurant space while maintaining the building’s historic
features.
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| Margarita and Walter Manzke |
Arizona State University is set to open a Downtown Los Angeles
campus in the building, while celebrated restaurateurs Walter and Margarita
Manzke of République will unveil a new
restaurant on the ground floor.
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| William Randolph Hearst |
Originally completed in 1914, the
Herald Examiner building was designed by
Julia Morgan, California’s first
registered female architect, for
William Randolph Hearst to serve as the
headquarters for the Los Angeles Examiner.
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| Todd Sugimoto |
Morgan designed building in
the Mission Revival style with an elaborate lobby that included grand, arched
spaces lined with carved marble friezes, wood-trussed high ceilings and a
patterned tile floor.
Located at 1111 South Broadway, the building is in
DTLA’s vibrant South Park neighborhood, which houses the Microsoft Theater,
STAPLES Center, the Los Angeles Convention Center and the Ace Hotel.
An Apple store, the
Hoxton Hotel and the Proper Hotel are also currently planned for the
neighborhood, which has rapidly become a dining, shopping and
cultural hub of the city.
The landmark
property is now being restored to its original grandeur, the illustrious
two-story lobby conjuring up the style and elegance of its past. When
completed, the iconic building will offer a mix of restaurants and retail on
the first floor with creative office space on the upper floors.
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| Jeff Sause |
The
historic building will adjoin South Park with the Broadway Corridor, another
rapidly growing and resurgent neighborhood. Widely recognized as one of the
most unique and dynamic properties in Downtown Los Angeles, the Herald Examiner
building will cement the area as a destination neighborhood.
The HFF debt placement team
consisted of managing director Todd Sugimoto, senior director Jeff Sause and
analyst Spencer Richley.
"It's
an honor to partner with both HFF and J.P. Morgan on this project,” said
Michael Fischer, vice president of Georgetown. “Their teams have been
incredibly professional and effective through the whole process.
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| Michael Fischer |
"We have
always been very confident in the growth of the South Broadway Corridor and the
strength of the downtown market overall. This announcement is a key step
towards bringing back this iconic property in all its former glory.”
“We’re thrilled to continue our
longstanding relationship with The Georgetown Company and work with key
industry players like HFF, providing our deep industry expertise to support the
redevelopment of the Herald Examiner building,” added Matt Felsot, west regional
manager for Real Estate Banking at J.P. Morgan.
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| Matt Felsot |
The Herald Examiner Building
project is The Georgetown Company’s latest development in the Los Angeles
area. The company recently completed a $280 million multi-phase
redevelopment of Sony Pictures Entertainment’s Culver City Studio
Lot, creating new office and production facilities, added amenities and
improved public spaces.
Georgetown also previously developed a
theater and office buildings at the Paramount Pictures Studios on Melrose
Avenue in a joint venture with Paramount Pictures.
Holliday GP Corp.
("HFF") is a real estate broker licensed with the California
Department of Real Estate, License Number 01385740.
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| Adam Flatto |
The Georgetown Company develops
and invests in residential, commercial and mixed-use properties throughout the
United States, with a focus on emerging neighborhoods in best-of-class
locations.
Led by CEO Adam Flatto and founded in 1978, Georgetown is a
privately-held diversified real estate development company that is recognized
for attracting long-term partners and creating popular destinations after
carefully selecting properties and diligently nurturing them through all stages
of development and ongoing operations.
Georgetown is headquartered in New
York City and currently owns and is developing properties in New York City; Los
Angeles; Chicago; Columbus, Ohio; Boston and Washington, D.C.
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| Spencer Richley |
CONTACTS:
JEFF SAUSE
CA Lic. #01852507
HFF Senior Director
(310) 407-2100
KIMBERLY STEELE
HFF Digital Content/Public
Relations Specialist
(713) 852-3420
