AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREOregon Ducks football players get stuck on Disney ride during Rose Bowl event“We’re working hard and fast with the city to provide that,” said Daniel Markel, the company’s president and chief executive officer. The complex, at 5355 Cartwright Ave. in North Hollywood, looks deceptively small from the front. But once inside it seems to go on forever, with narrow concrete hallways illuminated with industrial lighting leading to doors that open to living areas filled with natural light. A stairway that was part of the original factory leads to a rooftop that features a penthouse, shallow pool, workout room, clubhouse, barbecue area and a penthouse. “It creates kind of a unique campus feeling. When you get inside you can feel lost among the unique units,” said Markel. No two units, which range in size from 600 square feet to 2,000 square feet, are alike. Rents will range from $1,100 to $3,000 a month. The complex features a two-level underground parking garage with 116 spaces. The target market is people who want to work from home. “It’s provided an upside for the generation of people who are working out of a Starbucks on their laptops. Our live-work lofts accommodate that type of young professional,” Markel said. From the north side of the complex, residents will be able to access a bike path that will stretch from Burbank to the West Valley. A metro stop is less than a mile away. The company also owns a lot across the street and plans to build 20 to 25 more loft units. “We truly believe in the North Hollywood area being one of the up-and-coming areas of Los Angeles. It started with the Screen Actors Building on Magnolia. And we’ve looked at what’s going on downtown with the lofts movement and we were fascinated by those,” Markel said. Tom Gallop, the company’s co-founder and chief operating officer, said there is a tax incentive to this kind of living. Tenants who work from their units can write off a big chunk of their rent. The DT Group is not the only developer to jump into the loft market. Los Angeles-based J.H. Snyder is building a mixed-used loft complex along the east side of Lankershim Avenue between Weddington Street and Chandler Boulevard. This project will include a Howe’s Market on Lankershim. Called NoHo Commons, it will feature 278 loft-style apartments and 14 classified “live work” units. It’s centered on the the North Hollywood Red Line station. Cliff Goldstein, a senior partner at Snyder, said retail will take up 60,000 square feet of the space, with residential accounting for 225,000 square feet. “I think its reflective of urban living. Young couples, senior couples and single professionals … will find the proximity to the transit site an attractive feature,” he said. “And we’re beginning to see younger folks coming back and revitalizing the North Hollywood area.” [email protected] (818) 713-3743160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! NORTH HOLLYWOOD – This weekend, the DT Group’s lofty ambitions will be realized. As the Studio City-based developer likes to say, “SOHO is coming to NOHO.” That’s a catchy reference to what DT executives say is the first industrial building conversion into residential lofts in the San Fernando Valley. The company has turned the old Adolph’s Meat Tenderizer testing facility into 68 units, each with its own personality, and this weekend is hosting an open house at the complex. Initially the company will rent them, but prospective tenants have expressed interest in owning, so plans call for a second conversion, this time to condominiums.
TagsCommercial Real EstateCoronavirusoffice marketWeWork Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Share via Shortlink Covid-19 vaccines are being distributed across the country, but won’t be an instant panacea for office landlords. (iStock)It’s been a rough year for the office market — and it’s unlikely that the first half of next year will be much better.Even though Covid-19 vaccines are being distributed across the country, public health and real estate experts believe that a return to the office likely will not happen until late spring or early summer, the Wall Street Journal reports.Experts say that it will take months for the vaccine rollout to become effective and for employees to reach herd immunity, meaning remote work will continue in the next year and office rents will continue to drop.The real estate firm CBRE projects that office rents could fall by as much as 8 percent in 2021.ADVERTISEMENTIn the meantime, landlords are dealing with mostly empty offices. An average of about 23 percent of workers in 10 cities had returned to the office the week of Dec. 16, according to Kastle Systems, which tracks access-card swipes. The highest rate since the pandemic was 27.4 percent in mid-October, Kastle said.Some companies are planning their return to the office in light of the promising vaccine news. In New York, 25 new tenants per week were searching for office space in the first two weeks of December, up from 20 per week in November, according to the data firm VTS.Many of these companies are considering leasing space from co-working operators such as WeWork and Industrious, according to the Journal.[WSJ] — Keith Larsen