Business
CMCT Completes Office to Residential Conversion Bringing 68 Luxury Apartments Above Existing Ground Floor Office Space to Los Angeles
LOS ANGELES--(BUSINESS WIRE)-- CMCT (NASDAQ: CMCT and TASE: CMCT) announced today that it has completed the conversion of the top two floors of a
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[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nCMCT (NASDAQ: CMCT and TASE: CMCT) announced today that it has completed the conversion of the top two floors of a three-story, approximately 143,000-square-foot office building, at 4750 Wilshire Blvd., into 68 luxury apartment residences in the prominent Brookside neighborhood within the Park Mile Specific Plan of Los Angeles. Leasing at the property has commenced.\n\nRetaining approximately 30,000 square feet of ground floor creative office space, which is 100 percent leased as-of September 2024, creates a stacked mixed-use office and residential environment. The office space will maintain the address of 4750 Wilshire Blvd. while the apartments will have the address of 701 S. Hudson Ave.\n\nThe beautifully appointed and spacious apartments at 701 Hudson are configured as studio, one- and two-bedroom floorplans with many residences offering a den that can function as a home office or additional living space. With 10-foot ceilings and a substantial window line, the residences offer plentiful natural light and an inviting open environment. Designed in a contemporary style, the residences are fitted with modern fixtures and finishes such as stone counters, wood flooring, sleek cabinetry and in-unit washer and dryer.\n\nResidents can enjoy an array of premier on-site amenities including a resort-style pool, landscaped courtyard with outdoor picnic and casual seating areas, a resident lounge with movie room and game tables, children’s playroom, fitness and yoga rooms, and a co-working space complete with both communal worktables and enclosed offices.\n\nThe apartments and office space are just one mile from the La Brea station of the D Line subway, currently under construction, which will connect downtown to the westside. The Mid-Wilshire property is centrally located to area business hubs including Downtown Los Angeles, Century City, Beverly Hills and Hollywood. Further, the property is convenient to popular retail and dining districts such as Koreatown, Larchmont Village, the La Brea corridor and The Grove.\n\nCMCT’s conversion of 4750 Wilshire aligns with its strategy to invest in premier apartments and creative office space in high barrier to entry markets. As part of CMCT’s asset-light development approach, the company makes property-level equity investments alongside co-investors. Kanden Realty...