New Owner to Renovate the Barker Bros. Building : N.Y. developer buys landmark structure, three adjoining parcels on Figueroa Street.

Multimillionaire Harry Macklowe has purchased the landmark Barker Bros. building, at 818 W. 7th St., and three adjoining parcels on Figueroa Street for about $100 million.

The New York-based developer has plans to put about $165 million into renovating the building and constructing a conference center and 600-room hotel, which he will name, following the tradition of another well-known New Yorker, for himself.

Linked to Building

The 450,000-square-foot Hotel Macklowe and conference center will be linked to the Barker Bros. building, which will continue to be restored, Macklowe said, “with its architectural integrity preserved.” The hotel will have what he described as “a sympathetic design that respects the historical significance of this important structure.”

The 12-story Barker Bros. building, completed in 1929, housed the Barker Bros. furniture mart and headquarters until 1984, when Hammerson Properties West USA purchased the building and an adjacent site for $57 million. The furniture company then relocated, the structure was redesigned and several specialty stores moved in.

In announcing the hotel, Macklowe said, “With the planned expansion of the Los Angeles Convention Center by 1992, we recognize the need for additional quality hotel space.” The Hotel Macklowe will provide 350 jobs during construction and 600 jobs at completion. A date for starting construction hasn’t been set yet.

Other Projects

Through his Macklowe Organization and Harry Macklowe Real Estate Co. Inc., Macklowe has developed more than 2.5 million square feet of hotels, commercial and residential space in Manhattan. He is currently building a 638-room, 52-story hotel in Times Square that is expected to open in April, 1990.

Macklowe entered his first West Coast real estate venture in 1986 when he purchased, with Swig Weiler & Dinner of San Francisco, the 436,000-square-foot, twin-tower Arco Center at 200 Oceangate, Long Beach.