Exclusive: Jamison Lines Up $195M for LA Conversion
The office-to-residential project is the largest in the market.
Jamison Services has secured a $195 million construction loan for the office-to-residential conversion of a 620,000-square-foot property in Los Angeles, according to Yardi Matrix data. Prime Finance Partners issued the funds.
Construction kicked off this January on the project, which will encompass 686 units, a Jamison Services spokesperson told Multi-Housing News. This project would be the largest Los Angeles conversion upon completion, Yardi Matrix data shows.
The 33-story office tower debuted in 1987 and had initially housed ARCO for two decades, followed by L.A. County’s Care Health Plan. The government agency vacated the premises in 2024, though Jamison had filed plans to convert the workplace to multifamily one year before that.
Initial plans included one- to three-bedroom floorplans ranging from 538 to 1,304 square feet, with amenities such as theaters, gyms, lounges and business centers.
The conversion process does not call for a full structural retrofit, saving Jamison about 10 percent in construction costs. This also allows the firm to leave potential office tenants in place while empty floors are being converted to apartments. Still, office fixtures will be removed as structures are stripped down to concrete prior to the multifamily reposition.
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Rising 464 feet in height at 1055 W. 7th St., the tower is more than 1 mile from downtown Los Angeles. Jamison is also planning another 570-unit, office-to-resi conversion at the World Trade Center. And about 2 miles away, the firm started work on a 236-unit adaptive reuse project in late 2024.
Jamison Properties is one of the largest multifamily owners in Los Angeles, having completed 33 properties totaling 6,600 units since 2013, while also having a pipeline of about 2,000 apartments, according to its website.
Conversions rise, yet office-to-resi lags in L.A.
Los Angeles’ multifamily conversion pipeline included 5,640 units as of November, placing the metro second nationwide, substantially behind Manhattan (10,885 units), according to a RentCafe report. Chicago was closely behind (5,051 units), followed by Washington, D.C. (4,167 units).
The City of Angels’ share of office-to-resi units in the entire conversion pipeline was 50.4 percent, with the remaining apartments being repositioned from hotels, schools or industrial properties. Meanwhile, Manhattan’s share was a staggering 82.2 percent, while Chicago’s stood at 65.7 percent.
