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Soho House Closes Arts District Deal for $18.5 Million

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DOWNTOWN LOS ANGELES - The news that the members-only social club Soho House was acquiring a six-story Arts District building broke back in March.

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Soho House Closes Arts District Deal for $18.5 Million

Now, it’s official. A group of investors announced last week that escrow closed Oct. 13 on the 1917 warehouse at 1000 S. Santa Fe Ave. The buyers paid $18.5 million for the 62,000-square-foot edifice. “This validates the notion that the Arts District is expanding south on Santa Fe Avenue all the way to the Santa Monica Freeway,” said Mark Silverman of brokerage Major Properties, who with Bradley Luster represented both buyer and seller. “We have seen land and building prices jump five-fold in the area over the last few months.” Developer Jon Blanchard of BLVD Hospitality, who helped create the Ace Hotel, will spearhead the renovation of the building. Soho House will include a market, restaurant, bar, spa, salon, gym, screening room, performance space, rooftop pool and 16 hotel rooms. It is slated to open in 2016. The club got its start in 1995 in London. There are now 15 Soho Houses around the world, including one in West Hollywood.

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