The L.A. Mart, a 12-story complex in downtown Los Angeles, has been purchased for about $55 million by Glendale investors.
The 784,000-square-foot property at 1933 S. Broadway is a combination design center, office and showroom, real estate brokerage Madison Partners said. It serves the interior design, gift and home furnishing industries.
Los Angeles County also leases more than 140,000 square feet of office space at the L.A. Mart.
Vornado Realty Trust sold the property to a limited liability corporation called PHR LA Mart. Glendale physician Ara Tavitian is president of PHR.
“Our vision for L.A. Mart is to invigorate the business by leveraging our success in operating commercial properties that attract buyers and sellers,” Tavitian said.
The mart spans nearly two full blocks just south of the 10 Freeway and was 60% occupied at the time of the sale.