Developer CIM Group has been tinkering with plans for the 1937 Farmers Insurance Building on Wilshire Boulevard since purchasing it in 2014, first proposing to turn it into a hotel, then small houses, then offices. Now, it’s considering selling the building, “seeking bids of roughly $52 million,” according to The Real Deal.
CIM reps told the Larchmont Chronicle they had received “numerous unsolicited inquiries” from potential buyers. The company is considering selling the Moderne-style building and a two-acre parking lot, but keeping two other neighboring lots at 4700 and 4750 Wilshire, according to the The Real Deal.
A photo posted by Beth Anne (@bethannepeace) on Jun 30, 2014 at 10:15pm PDT
Most recently, CIM proposed converting the first three floors of the building into offices, then converting the fourth floor into 52 condos and constructing 11 townhouses on the parking lot.
Listing agent Ken White told The Real Deal, “the current market positions it best as a conversion to creative offices.”
At Wilshire and Rimpau in the Park Mile neighborhood of Mid-Wilshire, the Farmers Insurance Building was designed by architecture firm Walker and Eisen, which also designed the United Artists Theatre Building in Downtown Los Angeles (now the Theatre at the Ace Hotel) and the Beverly Wilshire Hotel in Beverly Hills.
- CIM lists Farmers tower and parking lots for sale [Larchmont Chronicle]
- CIM is shopping Miracle Mile office campus for $52M [The Real Deal]
- Park Mile’s Farmers Insurance Project Gets Way Less Dense [Curbed LA]