Building History

The Iowa Building was erected by the Co-Tenant Company in about 1910, and originally stood four stories tall. Dennis and Farwell designed the Iowa Building. In 1913, the ground lease of the building changed hands, as described in depth by the Los Angeles Times; "One of the most important of recent real estate transactions was concluded during the past week when the Co-Tenant Company, of which Herbert J. Goudge is president, transferred to J.F. Blenkiron, of Sioux City, Iowa, and Dr. W.M. Roads of Cincinnati, O., comprising the San Joaquin Valley Land Company, the fifty-year lease covering the site of the Iowa Building on the west side of Broadway, just above Seventh street. The deal, which was handled by by Metcalf & Ryan, is said have involved the payment upon part of the new lessees of a bonus of $125,000. The site is 71x165 in size and is one of the most valuable properties in Los Angeles. It is improved with a four-story steel frame building erected by the Co-Tenant Company three years ago. The structure, planned by Architects Dennis & Farwell, was designed with foundations and walls of sufficient strength to support ten stories. The six extra floors, it is announced, will in all likelihood be added within the coming year by the company which now holds the ground lease. The lot itself is owned by Flora Howes Farwell. The lease on the site was concluded in December, 1906, and henace has approximately forty-three years to run. The total rental consideration for the fifty-year term, as stipulated in the original leasing contract, was $820,000." (See "Sell Lease at Large Profit," Los Angeles Times, 09/21/1913, pt. V, p. 1.)

PCAD id: 22746