Business & Tech

Gallery Lofts Geared for Young Professionals Opens

The South Glencoe four-story, 100-unit property includes a pop-up gallery with works from the Los Angeles County Museum of Art.

The 1961 Audrey Hepburn film Breakfast at Tiffany's played on the flat-screen television as visitors sauntered about with cocktails in hand Wednesday night checking out a 1,322-square-foot model loft showcased at the opening of the Gallery Lofts.

Model and hostess Oluchi Ofoegbu greeted visitors as they walked through the door and explained that the one-bedroom home was furnished with a young, professional woman in mind. The office even included a bundle of fabric and an old-fashioned sewing machine because the mythical working lass is in the fashion industry, Ofoegbu said.

The model unit was one of several available for viewing at the Gallery Lofts, a new four-story, 100-unit property at 4080 S. Glencoe Ave., which is in the Del Rey neighborhood with a Marina del Rey postal address.

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The lofts, which start in the $500,000 range, are the first to be offered on the Westside by developer ST Residential, which manages a public-private partnership between the Federal Deposit Insurance Corporation and private equity investors, including Starwood Capital, TPG Capital, WLR LeFrak and Perry Capital. The private investment firms formed ST Residential and partnered with the FDIC in 2009. The move came after the FDIC acquired the $4.5 billion real estate portfolio of Chicago-based Corus Bank, which was closed by regulators in 2009 after taking on bad loans on commercial real estate and condominium developments in several states.

Marketing materials for the Gallery Lofts tout its proximity to Venice Beach, shopping on Abbot Kinney, the marina and Los Angeles International Airport.

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The lofts surround a U-shaped courtyard that includes two barbecue areas, a fireplace and an outdoor kitchen for al fresco dining and entertaining. The lofts feature 11-foot ceilings, sliding wall systems and walk-in closets with some plans. The kitchens are sleek and modern with stainless steel countertops, shelves and a built-in refrigerator. 

"We work hard to honor what is important to each community where we introduce a new property," ST Residential CEO Wade Hundley said in a statement. "The art and design elements of The Gallery Loft launch events underscore the kind of lifestyle experiences we believe that young professionals and first time home buyers in L.A. are looking for."

The loft opening also includes a pop-up art gallery of works from the Los Angeles County Museum of Art, including pieces by David Hockney and William Eggleston. The lofts also will be a satellite stop in the Venice Garden & Home Tour on May 7.

The pop-up art gallery and loft tours will be open to the public from 10 a.m. to 6 p.m. through May 8.


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