Creative Media & Community Trust Corp. (CMCT) has announced its partnership with Kanden Realty, Taisei Corp., and a third international institutional investor to convert a three-story office building in the Hancock Park neighborhood of Los Angeles into a mix of office space and luxury apartments.
Plans include the upper two floors of the building to be converted into 68 luxury apartments with approximately 30,000 square feet of leased ground-floor office space remaining below.
Designed to meet the needs of professionals working in a hybrid environment, the building will offer oversized units with room for a home office. Amenities will include a co-working area; a lounge; a high-end pool and courtyard; a fitness and yoga room; and ample underground parking with dedicated access for residents.
The conversion, which began in the first quarter, will bring much-needed housing to the community, which is near shopping and business centers and aligns well with CMCT’s strategy to prioritize its portfolio on highly amenitized premier multifamily with creative office assets in high barrier-to-entry markets.
Kanden Realty, Taisei Corp., and a third institutional investor’s commitment marks the expansion of CMCT’s asset-light approach making property-level equity investments alongside co-investors. CMCT owns, operates, and develops multifamily and creative office assets in communities throughout the United States.