Property Address: 1000 Wilshire, Los Angeles CA 90017
Square Footage: 476,491
Deal Value: $196 million
In March of last year, Newmark Knight Frank closed the $196 million sale of Wedbush Center at 1000 Wilshire, a 21-story 476,491-square-foot Class A office building in downtown Los Angeles. The 1000 Wilshire sale was the largest office sale in Downtown Los Angeles in 2018. This sale was significant because of its scale, but because it also demonstrated the increased depth by investment for capital for office product in this submarket. Kevin Shannon, Senior Managing Director Rob Hannan, Managing Directors Laura Stumm and Michael Moll and Executive Managing Director Ken White of Newmark Knight Frank represented the seller Lincoln Property Company. The buyer was Cerberus Real Estate Capital Management. Newmark Knight Frank Executive Managing Director David Milestone and Managing Director Brett Green procured new financing on behalf of the buyer as well for $148 million from Goldman Sachs. This investment generated tremendous momentum for Downtown as one of LA’s premier live-work-play environments.
Property Address: 433 N. Camden, Beverly Hills CA 90210
Square Footage: 207,432
Deal Value: $193 million
Madison Partners is the leading investment sales brokerage in Beverly Hills, and this transaction led by Bob Safai marks the 35th sale that the firm has successfully brokered in this prestigious market. In addition to arranging the sales transaction for 433 N. Camden, Madison Partners also arranged the first mortgage loan with Natixis to finance the acquisition of the property, and has been retained by the new ownership to continue leasing at the Property.
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