Kidder Mathews is exclusively marketing the property at 525 S. Virgil Avenue in Los Angeles for sale. Brokers John Anthony, SIOR; Christopher Steck, CCIM; Christopher Giordano; and Casey Lins are representing the California Association of Realtors in selling the property.
The four-story building comprises 56,072 square feet on 42,123 square feet of land, with ±107 parking spaces. It is a rare and sizable availability in the Mid-Wilshire neighborhood, where inventory and vacancy rates reflect the swift development of mixed-use buildings and multifamily in the area. Over the past 10 years, CoStar reports that new multifamily developments in Koreatown have totaled approximately 10,000 new units (100 new projects), representing 18% growth in that market segment.
Built in 1965, the office building has served as the headquarters for the California Association of Realtors — a real estate trade association with more than 185,000 members dedicated to the advancement of professionalism in real estate. The Association is relocating and will vacate at the close of escrow.
“This property delivers an amazing opportunity to acquire a core asset with serious development potential,” said Anthony. “With excellent parking, great condition, and central location, it’s ideal for the right office or medical user as well as a developer.”
About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.