RYDA, a Los Angeles-based real estate firm, is upgrading a long-vacant building in the Historic Core into modern creative office space.
The Pettebone Building, located at 510 S. Broadway, was constructed in 1905 by a team consisting of early Los Angeles developer O.T. Johnson and architect Robert B. Young. The five-story brick structure was eventually leased by its namesake Pettebone Company, which used the building as a manufaturing and design facility for the first street lamps along Broadway and in Downtown Los Angeles. However, it has remained mostly vacant since the early 1980s.
RYDA, which purchased the building in 2015, is working with Wolcott Architecture to renovate the approximately 45,000-square-foot structure with four floors of offices above ground-floor retail space. Among the numerous improvements planned are structural, mechanical and electrical upgrades, as well as the installation of high-speed fiber throughout the building. New elevators will open directly into the offices, while a 2,500-square-foot amenity deck will sit atop the Pettebone's roof.
Approximately 15,000 of street-fronting commercial space is already in operation within the building. Mezcalero, a taqueria specializing in Mezcal cocktails, occupies about half of the ground floor.
According to RYDA principals Daniel and Ryan Neman, the Pettebone has been named a Los Angeles Historic Cultural Landmark, a status that imposes strict standards for the building's restoration. This means stripping away decades of facade alterations, exposing the original brick exterior.
Construction is expected to wrap up by year's end, at which point the office space will come to the market. The Nemans noted noted that the property has received significant interest as a freestanding building on Broadway, with close proximity to both Pershing Square and its eponymous Metro station.
"We are creating a modern, open-space setting — catering to the future of emerging companies and the new generation of collaborative office space," said Daniel Neman.
RYDA also owns a property at 3rd Street and Traction Avenue in the Arts District.