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 located at 621 S. Spring Street in the heart of Downtown Los Angeles’ Historic Core. This 122-unit residential community - complemented by approximately 5,500 square feet of ground-floor retail and 120 garage parking spaces - represents a compelling convergence of stabilized income, value-add potential, and irreplaceable historic provenance.
Premiere Towers is housed within two architecturally distinguished, interconnected buildings: the E.F. Hutton Building and the California Canadian Bank Building. Both structures are recognized contributors to the Spring Street Financial District, a corridor listed on the National Register of Historic Places, lending the asset a cultural and architectural significance that cannot be replicated.
In 1984, the Community Redevelopment Agency of the City of Los Angeles transformed these landmark office towers into 120 residential condominiums under the Premiere Towers project — among the earliest office-to-residential conversions in Downtown Los Angeles. Current ownership subsequently acquired 119 of the 120 units in the early 1990s and has operated the asset as a conventional apartment community ever since, while maintaining the condominium map and homeowners association in good standing. This preserved structure positions an incoming investor to execute an immediate and highly actionable condominium selloff strategy. Three additional nonconforming units bring the total residential count to 122.
Current ownership has taken meticulous care of the property throughout their decades-long tenure, and has further invested in the asset by recently completing significant capital improvements to the building — enhancing its overall condition and meaningfully reducing near-term capital risk for an incoming buyer. Further amplifying the investment thesis, Premiere Towers is an outstanding candidate for the Mills Act — California’s premier historic property tax incentive program. A new owner who successfully applies for Mills Act status could realize annual property tax savings in excess of $200,000, a benefit that would improve the going-in capitalization rate by approximately 60+ basis points, meaningfully enhancing day-one returns.
Rounding out the asset, the ±5,537 square foot retail space is leased to Kaqun, a therapeutic oxygen-hydrogen water spa with over a decade of tenancy at this location - providing reliable, long-term income from an established occupant. Premiere Towers offers a rare opportunity to acquire a historically significant, income-producing asset with multiple paths to value creation in one of Los Angeles’ most dynamic urban neighborhoods.