Premiere Towers 621 S Spring St 122 Unit Apartment Building For Sale Los Angeles, CA 90014

CBRE is pleased to present Premiere Towers, an exceptional multifamily investment opportunity ideally positioned for an immediate and lucrative condominium sell-off strategy. Located at 621 S. Spring Street in the heart of Downtown Los Angeles’ Historic Core, this asset comprises 122 market-rate residential units and ±5,500 square feet of ground-floor retail. It offers a compelling proposition for investors seeking accelerated returns through individual unit sales, while providing income from the apartment rental tenants during the sell-off phase.
Premiere Towers boasts an invaluable characteristic: it is already condominium mapped with an in-place Homeowners Association (HOA) in good standing. This eliminates the substantial complexities, time, and costs associated with a traditional condo conversion, enabling a new owner to immediately capitalize on selling individual units. Furthermore, the property is not subject to LA City Rent Control (LARSO) and has no affordable units, offering flexibility for the sell-off.
Housed within the architecturally distinguished E.F. Hutton Building and California Canadian Bank Building, both recognized contributors to the Spring Street Financial District and listed on the National Register of Historic Places, the property offers an irreplaceable historic provenance that enhances buyer appeal and marketability for future condominium owners. Current ownership meticulously maintained the condo map and HOA structure after acquiring 119 units in the early 1990s, preserving this direct path to a highly actionable sell-off.
Significant recent capital improvements have enhanced the building’s overall condition, reducing near-term capital risk and directly benefiting the individual unit sale process by increasing desirability and justifying higher price points. Additionally, Premiere Towers is an outstanding candidate for the Mills Act, California’s premier historic property tax incentive program. A successful application could yield annual property tax savings exceeding $200,000, a benefit that can be leveraged during the condominium sales and ownership process.
The ±5,537 square foot retail space, leased to a long-term tenant, provides reliable income, further supporting operations during the condominium sell-off period.
Premiere Towers offers a rare opportunity to acquire a historically significant, income-producing asset with a fully established, ready-to-execute condominium sell-off strategy, ensuring rapid and maximized value creation in one of Los Angeles’ most dynamic urban neighborhoods.