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News release

LOS ANGELES, CA

Investment Firm UrbanBlox To Redevelop Mixed-Use Building in Downtown Los Angeles

The firm has acquired 12 buildings in past 15 months


LOS ANGELES, Feb. 9, 2015 — UrbanBlox, a Los Angeles-based boutique development firm, announced today that it has acquired a 51,055-square-foot office building in Downtown Los Angeles' Jewelry District for $8.54 million.  This is the firm's 12th acquisition in the past 15 months which includes creative, mixed-use and multifamily properties in the LA River, Downtown Los Angeles, Hollywood and Silver Lake areas.

Located at 718 S. Hill Street, the firm plans to redevelop the building into creative office space with ground floor retail.  The building will feature open ceilings, collaborative spaces and distinct interior. Suites will range from micro incubator to full floor, 7,000 square feet.

"While several Downtown LA neighborhoods have been transformed in recent months, we are confident that the Jewelry District will continue to grow into a creative office hub for businesses," said Raffi Shirinian, UrbanBlox Principal.  UrbanBlox is actively seeking to acquire additional properties in Los Angeles that it can redevelop towards new uses.

JLL Los Angeles' Mike Condon Jr. represented UrbanBlox in the acquisition. BRC Advisors represented the seller.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv

About UrbanBlox
Headquartered in Los Angeles, UrbanBlox works with a select roster of notable architects to develop urban infill properties with a mandate of sustainable, signature designs. This often involves re-imagining and redeveloping properties towards new uses. The firm was founded in 2013 by David Duel and Raffi Shirinian. For more information please visit www.urbanblox.com.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.