Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911, 1910-08-18
FOURTEEN STORY
STRUCTURE WILL
COST 100000
Los Angeles Investment Company
Purchases the Corner at
Broadway and Eighth
PROPERTY BRINGS $475,00O
Architect Busy on Plan for One
of Finest Office Build
ings in West
PROPERTY BRINGS $475,Ooo

Emphasis was given the faith busi-
ness men and investors have in the
future of Los Angeles yesterday by
the closing of the most important real
ty deal announced in the last twelve
months, involving $475,000, and paving
the way for the erection of an office
structure fourteen stories high, which
will cost $1,000,O00.
The Los Angeles Investment COM
pany yesterday purchased from Harry
Gray and his associates the vacant lot
on the northeast corner Of Broadway
and Eighth streets for a consideration
of $475,O00. The lot fronts 101 feet on
Broadway and is $50 feet deep to q 20
foot alley Located near the Hambur-
ger department store and directly In
line with the expansion of the COM
mercial district, the premises are
among the most valuable in the retail
and banking section.
1t Is the purpose OF the Los Angeles
Investment company to improve the
property at the earliest possible date
by the erection of a modern steel and
reinforced concrete bank and office
building of fourteen stories and base
ment, the first floor of which will be
occupied by the Globe Savings bank
and the Investment company. The en-
tire top floor will be set apart for the
use of the architectural and building
department of the Los Angeles Invest
ment company, which now has enrolled
more than 5000 stockholders, with cap
ital and reserve total Of $4,172,677 and
no debts.
REALTY FIRMS MAKE SALE
Identified with the sale of the lot
described were o. E. Parish and L. ].
Durnerin of the realty firm. of Mines
G. Parish, who represented the pur-
chasers, and Robert Marsh & Co. and
R. A. Rowan & Co., representing Mr..
Gray and associates.
President Charles A. Elder of the Los
Angeles Investment company, in speak
ing of the transaction, stated that his
company required large and more COM
modious quarters for the transaction
Of the tremendous business of the
institution, which was established
more than 15 years ago, along lines
and principles as old as time.
I'VE have been cramped for space
for long time," said Mr.. Elder, land
we must build. While we are at it
we might as well build big and right
We have been considering the purchase
of the lot acquired for several months,
and we made an offer for it which was
accepted. Our architect has been in
structed to draw plans for the four
teen-story structure we will erect, on
which will be expended approximately
$1,000000. 1t will be one of the finest
bank and office buildings in the west
and will be the permanent home Of the
Globe Savings bank and the Los An
geles Investment company.
OPPORTUNITY FOR INVESTORS
while the contractors are putting up
the skyscraper the Investment COM
pany will continue building homes, as
in the past, for the shelter of the
people who are rapidly fiocking to Los
Angeles, the city with the brightest
future Of any municipality in the en-
tire country"
Mr.. Elder will leave in a few days
for the northern section of the coun-
try on a business trip, in preparation
for the establishment of a huge mill
and building plait in Los Angeles.
Before his return he will visit Vancou-
yer, B. c., and all Of the larger funN
ber camps.