Jamison Services, one of the largest Korean-American real estate investment groups led by David Lee, is converting numerous office buildings in LA’s Koreatown into residential units. With the conversion of 10 office buildings in progress or completed, approximately 2,000 residential units will be added to the market once the transitions are finished.

According to real estate sources on the 4th, Jamison has announced the redevelopment of a 13-story office building at 3325 Wilshire Blvd. LA into a mixed-use apartment complex. The 233,000-square-foot structure will house 236 studio and one- and two-bedroom apartments, as well as 450 parking spaces. The ground floor will offer 15,000 square feet of retail space and include amenities for tenants, such as a gym, deck, indoor golf, and office spaces.

Traditionally focused on office and commercial properties, Jamison is now poised to become Koreatown’s largest apartment landlord as it continues to shift its office buildings into residential spaces and develop additional mixed-use projects. Currently, Jamison has converted or is preparing to convert nine office buildings on Wilshire Blvd (addresses include 2500, 3075, 3255, 3325, 3345, 3350, 3540, 3807, and 3921 Wilshire Blvd) and one on 6th St. (3550 W. 6th St. LA).

This shift reflects a larger trend as the Wilshire corridor evolves from a primarily office-centric area to a more residential one. The real estate industry attributes Jamison’s pivot to the drastic drop in office space demand and soaring vacancy rates following the COVID-19 pandemic, which popularized remote work. Jamison finds that remodeling existing office structures into apartments is cost- and time-efficient, given the challenges and costs associated with securing land and new construction.

Garrett Lee, president of Jamison Properties, which oversees the company’s real estate development, shared that the company has delivered 6,600 residential units to the LA market to date, with an additional 2,000 units currently under development.

Real estate experts anticipate that this office-to-residential conversion trend will help alleviate the apartment shortage in Koreatown, attract new residents, and strengthen the local economy. California’s recent legislative easing on regulations for converting office buildings into residential spaces has also bolstered this movement.

Moreover, this conversion trend is not limited to LA; it’s a nationwide phenomenon. Over the past two years, the number of apartments converted from office spaces across the country has increased by 25% compared to the previous two years.

— Reporter Jo Hwandong

<Hwandong Cho>