Downtown L.A.’s Wedbush Center is about to trade hands.
Lincoln Property Co. is closing a deal to purchase the 1000 Wilshire Blvd. property from a partnership of New York firms Lehman Bros. Holdings Inc. and Broadway Partners Fund Manager LLC.
Lincoln, based in Dallas, did not disclose the sale price but industry experts estimate the value of the deal at roughly $130 million, or $273 a square foot. It would be the highest sales price on a square-foot basis in the downtown market so far this year, according to CoStar Group Inc.
However, it’s unclear how much money the partnership will clear given the building was purchased as part of a portfolio from Beacon Capital Partners LLC in 2009.
The 476,000-square-foot, 21-story building is home to tenants including investment firm Wedbush Inc., which has building-top signage, and accounting firm Grant Thornton LLP. But it’s only about 70 percent leased.
Rob Kane, vice president of Lincoln, said he believes the vacancies result from the recent short-term and financially struggling ownership and that Lincoln will be able to provide stability and attract tenants.
“We are very bullish on downtown Los Angeles, especially where 1000 Wilshire is located in the financial district,” said Kane. “We think it’s an excellent opportunity for us to bring our strong sponsorship and active management to the property.”
Lincoln manages two other buildings in downtown but does not own any others. It had purchased 915 Wilshire Blvd. several years ago, leasing it nearly 100 percent up and then selling it for for $117 million to New York’s Brickman Management LLC in 2007.
In the Wedbush deal, Lincoln partnered with the Teachers’ Retirement System of the State of Illinois, which provided capital for the acquisition.
Ever wanted to own a trophy Glendale office building? Well, if you’ve got a computer and several million bucks, that dream could soon come true.
Buildings at 801 N. Brand Blvd. and 700 N. Central Ave. that downtown L.A. real estate investment trust MPG Office Trust Inc. let fall into foreclosure will be sold to the highest bidder on Auction.com, an Irvine-based commercial and residential real estate auction website.
Miami’s LNR Property Corp., which took control of the two Glendale buildings in February, is putting them up for auction May 23. The buildings are being marketed by Eastdil Secured LLC, a subsidiary of San Francisco’s Wells Fargo & Co., which is taking preliminary bids until May 3 to establish an opening price. From those bids, the brokerage will then invite interested parties to the final auction.
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