The L.A. Mart, a 12-story complex in downtown Los Angeles, has been purchased for about $55 million by Glendale investors. “The 784,000 square foot property at 1933 S. Broadway is a combination design center, office and showroom”, real estate brokerage firm Madison Partners said. It serves the interior design, gift and home furnishing industries. Los Angeles County also leases more than 140,000 square feet of office space at the L.A. Mart. Vornado Realty Trust sold the property to a limited liability corporation called PHR LA Mart. Glendale physician Ara Tavitian is president of PHR. “Our vision for L.A. Mart is to invigorate the business by leveraging our success in operating commercial properties that attract buyers and sellers,” Tavitian said. The mart spans nearly two full blocks just south of the 10 Freeway and was 60% occupied at the time of the sale.

Madison Partners sold this property on June 26, 2012. In addition, the property also has a long-term, 150,000 square foot lease with the County of Los Angeles. The property is situated on a 9.31 acre site spanning nearly two full city blocks, and was 60% occupied at the time of sale.

PHR LA Mart, LLC, a local investment group, paid an undisclosed price for the property rumored to be $55,000,000. Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller, Vornado Realty Trust, in this transaction.