REAL ESTATE: Wilshire Corridor

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Wilshire Corridor’s office vacancy rate narrowed a bit in the fourth quarter, dipping to 18 percent from 18.3 percent the prior quarter, and compared with 19.1 percent in the year-earlier period. That left 2 million square feet vacant in a market of 11.3 million. No new office space was under construction. Class A rents jumped to $2.73 a square foot from $2.65 in the third. Net absorption was 37,989 square feet.

Main Events

-Morgan Stanley & Co. sold a 456,679-square-foot office building at 6500 Wilshire Blvd. to its tenant, Cedars-Sinai, for $295 million.

-CGI Strategies sold the 28-unit Francis Bliss apartments at 2840 Francis Ave. to Lotfollah & Helen Shokrian Trust for $13.3 million.

-Lion Real Estate Group sold the 60-unit Alexandria Tower Apartments at 314 S. Alexandria Drive to Daniel Tenenbaum for $9.9 million.

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