Historic Los Angeles building with Banksy mural for sale in bankruptcy filing – WWD
For sale: A historic seven-story building in the heart of Los Angeles’ fashion district with one special feature: a Banksy mural on the side of the building.
The 108-year-old structure, known as The Sparkle Factory and owned by jewelry designer Tarina Tarantino and her husband and business partner, Alfonso Campos, is part of a Chapter 11 bankruptcy protection filing by Tarina. TarantinoManagement.
The couple, along with other partners, acquired the 26,000 square foot edifice in 2007 for $4 million at a time when Los Angeles’ fashion district was not so fashionable.
At the time, the building, located on a street filled with 1920s movie theaters, struggled with vacant space and low foot traffic. But in 2013, several hip distribution pioneers arrived in the commercial wilderness, including Acne Studios, Aesop and, more recently, APC, Ganni and Paul Smith.
In the aftermath of the COVID-19 pandemic, many restaurants, stores and offices have closed.
Tarina Tarantino Management has filed for Chapter 11 bankruptcy in Los Angeles, facing an $8 million secured loan request from Wells Fargo Bank.
The management company is 41.5% owned by the pink-haired jewelry designer, known for her colorful candy-like designs, and 41.5% by Campos. They believe the building is worth $16 million, not including the Banksy mural, which court documents show is valued at $10 million on its own. The famed street artist, who uses a distinctive stencil style on common areas, painted the mural, titled ‘Girl on a Swing’, in 2010 when he slipped into a parking lot at the side of the building late in the night.
Campos wrote in an email that the management company “is looking to reorganize itself given the impact of COVID-19 on its building and the unreasonable positions taken by the lender. We have devoted considerable effort and resources to the renovations to make The Sparkle Factory the impressive building it is today.… We are committed, with the assistance of the bankruptcy court, to working to emerge from bankruptcy and continue to maintain and always improve The Sparkle Factory and his valuable contributions to Los Angeles for generations to come.
The sale of the building has generated a lot of interest from buyers with pent-up cash to spend in a hot real estate market.
Recently, Phillip Sample, senior vice president of CBRE’s urban investment group in downtown Los Angeles, showed the building to a potential buyer. They walked through the gated driveway that protects Banksy’s mural, covered in plexiglass, and then inside the building.
He said the building, which was renovated by the management company, has generated a lot of interest. “This is an A-plus location in the historic heart of downtown Los Angeles,” he noted.
Up the street is a new Apple Store located inside the historic Tower Theatre, built in 1927 in a Renaissance Revival style. It sat empty for 33 years until it was completely renovated and opened last year.
A Whole Foods grocery store is a few blocks away. And across from The Sparkle Factory is the Ace Hotel, a hip boutique hotel next to the United Artists Theater, now called the Theater at the Ace Hotel. It is an ornate Spanish Gothic venue once owned by Douglas Fairbanks, Mary Pickford, Charlie Chaplin and DW Griffith.
The Sparkle Factory building at 910 South Broadway was built in 1914 and has an interesting history. Parts of the comedy of the 1923 Harold Lloyd film “Safety Last” were filmed there. For many years it housed the Western Costume Company, which supplied costumes to the film and entertainment industry.
After Tarantino and her husband remodeled the building, they moved her jewelry boutique in 2014 from Melrose Avenue to the top floor of the historic structure, which also houses creative offices, ground-floor retail and retail space. for a bar in the basement. Current tenants include IXperiential Media and Mira Labs.
Story of Deborah Belgum