Most Recent Articles In Financial
Latest Financial Articles
- Rhône Capital to Add to Elizabeth Arden Stake
- Wall Street Eyeing Elizabeth Arden Game Plan
- Estée Lauder Q4 Profits Jump
More Articles By
A series of renovations will sweep through the 13-floor, three-building apparel showroom complex this year as part of an initiative to better showcase vendors and stay abreast of industry trends.
The changes mark efforts by CMC's owner, the real estate investment firm Jamison Properties, to ensure its three million square feet are appealing amid competition from three challengers in downtown Los Angeles: the Cooper Building, the New Mart and the Gerry Building.
"The main thing is keeping the product fresh and getting the hot lines in the building," said Joanne Lee, CMC's senior vice president of services.
The CMC declined to disclose the cost of the improvements.
After Jamison Properties bought the CMC for $135 million in 2005 from Hertz Investment Group, the vacancy rate swelled and many tenants were concerned that the new owner would quickly sell the building. Three years later, Jamison is still at the helm and has filled 100 percent of its available contemporary and kids' apparel showrooms.
With crowding on the contemporary and kids' floors, another 80,000 square feet is being created to handle the spillover. A juvenile, kids and maternity section will be introduced to a wing near the existing space for those categories on the sixth floor.
"We are seeing kid and contemporary clothing grow," Lee said. "We are listening to demand."
The additional contemporary section, expected to be completed in June, will be called Area 4. The plan is to create a modern environment with wood, stone and glass, and high ceilings. Amenities include a concierge service, Zen lounge, VIP retailer check-in and restroom attendants.
"Our goal was to give manufacturers a new, inspiring space that would have its own identity," Sue Bhanubandh, CMC's director of leasing, said in a statement. "We spared no expense with this project."
More than the interior of the CMC will get attention.
The exterior patio is high on CMC's to-do list. A spot for lunching and events, the cement-floored terrace has been in need of a facelift for several years. Bulky planters are going to be removed, and new lighting and furniture will be installed. Designer Eva Sobesky of EIS Studio and architecture firm Gruen Associates are guiding the project, scheduled for completion by mid-year.