CVS recently leased 11,132 square feet at 1212 S. Flower St. in Los Angeles. The space is located on the ground floor of a five-story office building flanked by two 730-unit multifamily towers forming the new three-building mixed-use community Hope+Flower.
Kennedy Wilson’s Lee Shapiro and Justin Weiss represented the landlord in the transaction.
“Despite higher vacancy rates resulting from COVID-19, our team remained confident in the lasting appeal of this high-profile downtown core location,” said Shapiro.
Hope+Flower’s corner location is one block from Staples Center and the Convention Center in South Park, with more than 7,000 apartments in the immediate vicinity and thousands more under construction. The property is adjacent to the Pico Station of Metro’s light rail network.
Originally intended for office use, the space posed challenges for converting to retail, given its urban location with limited subterranean parking. While CVS traditionally pursues sites with drive-up parking, the company understood the benefits of opening a store at this highly visible location and was willing to make the necessary adjustments instead of building a first-generation retail space.
“DTLA has continued to showcase its resilience and staying power even through these unprecedented times,” said Weiss. “The fact that CVS executed a long-term lease to reposition a sizable office floorplate for a retail build-out in downtown amidst a pandemic is a testament to their belief in the market.”