Langdon Street Capital unveils new creative office space at Grand Central Market in Downtown Los Angeles.
Langdon Street Capital has completed the renovation of 11,000 square feet of office space above Grand Central Market in Downtown Los Angeles. The modern space has all of the creative check marks: concrete floors, brick, roll-up doors, high ceilings and restaurant amenities from Grand Central Market. In fact, it is very similar to the kind of small, boutique office space you might find in Santa Monica of Hollywood. It’s a fitting space for the market, which is currently seeing a rise of creative tenants.
“Our vision for the space was similar to office conversions that we have done in the past,” Adam Daneshgar, principal at Langdon Street Capital, tells GlobeSt.com. “Obviously there is a high demand for office space that is open, more efficient and that attracts talent. A lot of companies that are taking these office spaces are competing for talent, and having an office space with lounge space, kitchens, roll-up doors and amenities seems to be a way to recruit talent.”
This is Langdon Street Capital’s first Downtown Los Angeles project, although the firm has completed other creative redevelopments in Santa Monica and Hollywood. To get a feel for the market, the tenant activity and the demand, the firm engaged a brokerage firm early on. “We look at each submarket differently, and we hire brokerage firms early on in the project,” says Daneshgar. “We ask them what is demand like and what do people want in the market. It tends to tweak our plans a little bit, but usually the general plan stays the same.”
While this office project is indicative of the rising creative demand in Downtown Los Angeles, the market still has an office vacancy rate that trends above the Greater L.A. average and a strong majority of financial services firms. The firm strategically chose to wait to market the property because of the higher office vacancy rate in until the redevelopment was complete. “We waited to openly market the property until we had further progress on the project,” says Daneshgar. “There is a higher vacancy rate in Downtown Los Angeles, and you have to set yourself apart. The last thing we wanted was to show an unfinished product.”