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.