In a first-of-its-kind move in Downtown Los Angeles, an entire office building is going to serve cannabis-related businesses.
Today, Santa Monica-based real estate development firm Bow West Capital announced plans to reopen a seven-story office building at 718 S. Hill St. as a project dubbed Green Street. Sean Beddoe, founder and president of Bow West, said the 67,000-square-foot structure will feature several floors of co-working space, office suites, an art gallery on the mezzanine level and a 5,000-square-foot restaurant.
Green Street Agency, a cannabis branding and business development and consulting agency, serves as a minority partner in the endeavor and the building’s namesake.
Bow West Capital purchased the 1913 former jewelry building from Los Angeles-based Uncommon Developers last December for $14 million. The cost of the renovation was not revealed.
M-Rad Architecture was brought on to design the renovation, which includes upgrading the roof as a space for tenants, and restoring portions of the building’s facade.
Beddoe said the plan from the outset was to serve businesses in the cannabis industry, which has exploded in California following the legalization of recreational marijuana sales to adults. He said the plan is to open Green Street in November.
“It’s a growing industry,” Beddoe said in a phone interview with Los Angeles Downtown News. “A lot of times these companies, even though they are making a lot of money and are doing well, are not taken seriously by the marketplace. They are disenfranchised and there was an opportunity to partner with Green Street Agency and create a campus for these companies.”
The two biggest tenants in the building will be Green Street Agency and the Los Angeles offices of the Denver-based Vincente Sederberg LLC, which bills itself as “The Marijuana Law Firm.” Both currently have office space in the Mid-Wilshire area, and will lease a combined four floors in the Downtown property.
According to a press release issued by Bow West, more than a dozen cannabis-focused early stage and start-up ventures have signed up for the co-working space. Beddoe would not identify them, but said the structure will house everything needed to operate a cannabis company.
“Everything from compliance, to marketing and legal, to licensing and networking,” Beddoe said. “All in one space.”
Beddoe said only a few thousand square feet of space remain un-leased.
Beddoe would not say if the building will also have a cannabis dispensary. The property is a short walk from the MedMen dispensary at 735 S. Broadway.