{"id":1004144495,"date":"2016-05-23T07:54:59","date_gmt":"2016-05-23T15:54:59","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004144495"},"modified":"2022-12-05T13:44:38","modified_gmt":"2022-12-05T21:44:38","slug":"simon-baron-launches-west-coast-expansion-with-hotel-ground-lease","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/simon-baron-launches-west-coast-expansion-with-hotel-ground-lease\/","title":{"rendered":"Simon Baron Launches West Coast Expansion with Hotel Ground Lease"},"content":{"rendered":"

By Alexandra Pacurar, Associate Editor<\/em><\/p>\n

\"Stay<\/a>

Stay on Main Hotel<\/p><\/div>\n

Los Angeles<\/strong>\u2014Simon Baron Development<\/a> acquired the 99-year ground lease on Stay on Main Hotel<\/a> from 248 Haynes Hotel Associates LLC for roughly $15 per square foot per year, a representative of the company told Commercial Property Executive<\/em>. The 600-key hotel<\/a> is the New York-based developer\u2019s first project in California and it marks the beginning its expansion plan on the West Coast. Simon Baron was represented by Ben Reznik of Jeffer Mangels Butler & Mitchell LLP<\/a> in the deal, and by David Swartz of CGS3<\/a> in the ground lease.<\/p>\n

The 170,000-square-foot property is located at 640 South Main St. in Downtown Los Angeles<\/a>, in the heart of the city\u2019s Historic Core district. The new owners plan a capital modernization of the building so that it blends in with the character of the area. \u201cWe 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,\u201d said Matthew Baron, president of Simon Baron.<\/p>\n

Upscale dining and shopping facilities are located near the hotel. Visitors also benefit from easy access to popular sights in the area like LA Live, Hollywood or the Fashion, Toy and Jewelry districts. Public transport is also within reach.<\/p>\n

The area surrounding the Stay on Main Hotel is transforming rapidly through the many conversion projects for existing commercial buildings and plans for ground up high-rise development. However, the historical character of the district is preserved. \u201cThis is a very unique property that delivers the opportunity to revitalize a historic building and improve the neighborhood surrounding it,\u201d said Jonathan Simon, founder & CEO of Simon Baron.<\/p>\n

Simon Baron, developer and owner of commercial and residential real estate, has limited its footprint to New York and the surrounding areas<\/a>. This is the company\u2019s first property on the West Coast.<\/p>\n

Image courtesy of Stay on Main Hotel<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The developer plans to transform 600-key hotel located in Downtown Los Angeles into a modern mixed-use facility.<\/p>\n","protected":false},"author":236,"featured_media":1004144504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21751,21783,1600,21742,15],"tags":[],"class_list":["post-1004144495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-hotel","category-investment","category-new-york","category-latest","category-west"],"acf":[],"yoast_head":"\nSimon Baron Launches West Coast Expansion with Hotel Ground Lease - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/simon-baron-launches-west-coast-expansion-with-hotel-ground-lease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Simon Baron Launches West Coast Expansion with Hotel Ground Lease\" \/>\n<meta property=\"og:description\" content=\"The developer plans to transform 600-key hotel located in Downtown Los Angeles into a modern mixed-use facility.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/simon-baron-launches-west-coast-expansion-with-hotel-ground-lease\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-05-23T15:54:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-05T21:44:38+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/05\/stay-on-main-hotel-LA.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"960\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Alexandra Both\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/simon-baron-launches-west-coast-expansion-with-hotel-ground-lease\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/simon-baron-launches-west-coast-expansion-with-hotel-ground-lease\/\",\"name\":\"Simon Baron Launches West Coast Expansion with Hotel Ground Lease - 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