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US: The 13-story Commercial Exchange Building in downtown LA is on the market for $14 million, with boutique hotel operators among the potential buyers.
The long-vacant 1920s office building at 416 West 8th Street has been viewed by more than 100 potential purchasers according to broker Phillip Sample of CBRE Group.
“We’ve got a lot of boutique hotels looking at this,” he said. Other possible buyers are considering turning it into apartments, creative offices or student housing, according to the LA Times.
The building is in a neighborhood of downtown LA which is undergoing significant regeneration – more than 1,000 new apartment units are set for construction there over the next 30 months as well as one of the city’s largest planned retail and housing projects.
