The University of California, Los Angeles has completed the purchase of a historic building located in the heart of downtown L.A. that it plans to use as a college extension building.
The Trust Building, located at 433 Spring St., is an 11-story art-deco style building built in 1928 near Pershing Square. The property was recently renovated, UCLA says, and once the university moves in, it will host satellite classes and house administrative offices.
The Trust Building is LEED-certified, meaning it’s energy efficient and environmentally responsible, and it’s located near an L.A. Metro station, giving students easy transportation options, the school says.
When it officially opens, the new facility will be known as UCLA Downtown. The exact sale price of the building was not disclosed, but the Los Angeles Times, citing real estate experts with “knowledge of the transaction,” said it was likely less than $40 million — less than half of its estimated value.
The acquisition is part of UCLA’s plan to grow its presence in downtown L.A. and “broaden student access,” as part of its greater goals to produce 200,000 more degrees by 2030.
“We are thrilled about the possibilities this new space offers, and confident that it will further intertwine UCLA and L.A., helping us to deepen the impact of our teaching, research and public service mission,” reads a message from Chancellor Gene Block and Executive Vice Chancellor and Provost Darnell Hunt.
Mayor Karen Bass and local business leaders applauded UCLA’s downtown expansion, with Bass saying, “Downtown is at the center of so much of what makes Los Angeles great, like our growing public transportation system, job opportunities, and arts and cultural institutions.”
Nella McOsker, chief executive of the Central City Association of Los Angeles, a downtown advocacy group made up of community members and local businesses, said the organization was thrilled by UCLA’s continued presence in downtown L.A. and said it looked forward to partnering with the university in the future.
“By growing its footprint in downtown Los Angeles, UCLA is demonstrating its commitment to our city center as a hub of employment, education and entertainment opportunities, as well as a massive driver of economic impacts throughout the region,” McOsker said.
UCLA has been actively expanding its footprint across the Southland in recent years. Last fall, the university purchased the Marymount California University campus in Rancho Palos Verdes and San Pedro. That site will eventually become UCLA South Bay, officials said.
That purchase was the largest expansion in the university’s history, and will allow the school to provide classes to 1,000 additional students.