The online coupon company, Honey, has signed a lease to occupy the former Coca-Cola syrup manufacturing plant in 2019. Hudson Pacific, the property owner, paid $49 million in 2015 and renamed the site to Fourth+Traction. They purchased it from GPI who purchased it for $19 million in 2014. One of my colleagues and I represented the buyer in that sale, where they then more than doubled their money flipping it. The seller then was a woman related to the man that once occupied the building as a toy distributor, T.T. Toys.
The Honey lease follows other recent DTLA Arts District transactions such as Warner Music at the Ford Building and Spotify at the At Mateo complex.
Historical photo below showing occupancy of Coca-Coca at the building.
Los Angeles has an abundance of street art, especially DTLA and in the DTLA Arts District. I and many downtown dwellers view and define “street art” as artwork in a public space that has a generally pleasing design. Contrast that with typical street-gang graffiti, which was primarily composed of dreadfully designed words and dominated the public realm prior to 2000. Most denizens consider graffiti to be blight. Street art adds value to the public realm as well as property values, especially in areas such as the Arts District. Check out some great examples here: https://www.instagram.com/explore/tags/lastreetart/. A large portion of DTLA street art has been painted on industrial buildings.
Street art is not exclusive to gentrifying areas. See below in the heart of Skid Row with homeless encampments.
The Los Angeles City Council last week approved a plan to expand the southern boundary of the Arts District, paving the way for redevelopment of the industrial area between 6th and 7th Streets just west of the river. This area includes a scattering of modern warehouses amongst mostly older and sometimes multistory brick warehouses built in the 30’s and 40’s. New residential grown in the current industrial area is expected. Councilman Huizar proposed the modification to the former boundary set by the Planning Commission and CRA.