NEW YORK, NY––Simon Baron Development (Simon Baron), a prominent New York City (NYC) developer and owner of commercial and residential real estate, today announced that they have expanded their footprint by acquiring the ground lease on the 600-room, Stay on Main Hotel, located at 640 South Main Street in Downtown Los Angeles (LA), California from 248 Haynes Hotel Associates LLC. The acquisition marks the beginning of the developer’s expansion to the west coast and their first project in California.
“We are very excited about our expansion into California, and more specifically Downtown LA which is transforming into a major developed area and undergoing a renaissance. The historic neighborhood that the property is located in is quickly becoming the trendy locale in Downtown and we are looking forward to contributing to that,” said Matthew Baron, President of Simon Baron. “We plan to use this project as a catalyst to begin more projects on the west coast, more specifically, in the greater Los Angeles area.”
Simon Baron plans to reposition the 170,000-square-foot property into a modern mixed-use facility with capital improvements, while staying true to the neighborhood and notable context of the building. Simon Baron was represented by Ben Reznik of Jeffer Mangels Butler & Mitchell LLP in the deal, and by David Swartz of CGS3 in the ground lease.
Located in the heart of LA’s Historic Core neighborhood, Downtown LA is rapidly evolving with numerous surrounding developments, including ground up high-rise development and conversion of existing commercial buildings. All recent projects – and now Simon Baron’s future plans – underscore and lead the city center’s resurgence, preserving the historic stretch.
“This is a very unique property that delivers the opportunity to revitalize a historic building and improve the neighborhood surrounding it,” said Jonathan Simon, Founder and CEO of Simon Baron. “We plan to continue to work closely with the community of Downtown LA to meet their needs and provide them with a best-in-class project.”
640 South Main Street is surrounded by many of the newest and celebrated restaurants including Bäco Mercat, Shake Shack, Sugarfish and Umami Burger, high-end retailers including the rumored Apple store, the upscale Ace Hotel, and the upcoming converted Broadway Trade Center. Additionally, the property is one mile to LA Live, minutes by Metro to famous Hollywood, a short walk to the Fashion, Toy and Jewelry Districts. Public transportation is easily accessed by bus near the property to Chinatown, Little Tokyo, USC, Santa Monica and Venice Beach.