Los Angeles (Koreatown) · Office to residential
Work is reported to be starting on 260 apartments in the former IBM building
3424 Wilshire Boulevard
Jamison's 13-story, roughly 250,000 square foot former IBM building is set to become 260 apartments while keeping 13,000 square feet of existing retail.
What it was
Built in 1958 as IBM's Los Angeles area headquarters and later the headquarters of the Archdiocese of Los Angeles, which sold it to Jamison Services in 2008.
What it is becoming
260 apartments with 13,000 square feet of retained ground-floor retail, plus amenities such as a fitness center, racquetball courts, and an outdoor deck. The architect announced on social media that work is commencing, and the source reports a $60 million loan.
Why the economics might work
HUC analysis, not a reported result
Our analysis: retaining existing retail keeps some income and street activity in place while the upper floors change use. An owner with a long hold and conversion experience may see value a short-term office buyer would not.
The lesson for local owners
Partial reuse, keeping what still works and converting what does not, is often more practical than an all-or-nothing change.
Source and attribution
Editor's note: The research lead described this as proposed. The source reports work is commencing, so we label it reported underway, not confirmed under construction.
Facts are summarized from the source above as of October 16, 2026 and may change. This project is not a Highest Use Commercial transaction. Photos of the property are available at the source.