Shorenstein’s DTLA Ford Factory Building Sold for $195M to Warner Music Parent

https://www.connect.media/shorensteins-dtla-ford-factory-building-sold-for-195m-to-warner-music-parent/

The recently-renovated Ford Factory building in DTLA is being acquired for $195 million by New York-based Access Industries, the parent company of Warner Music Group. The 255,000-square-foot adaptive reuse project was sold by San Francisco-based Shorenstein Properties, which acquired the historic Ford Model T cars manufacturing facility for $37 million in 2014 and subsequently embarked on a $50-million renovation.

Warner Music Group is relocating its new West Coast headquarters from Burbank offices into the entire Arts District redevelopment. The consolidation of multiple leases under one roof at 777 S. Santa Fe Ave. is expected to result in more efficient and cost-effective operations for the label.

The buyer and seller were self-represented. Bank of America Corp. provided a $135-million acquisition loan.