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Wednesday, Feb 28, 2024

Miracle Mile Office Tower Trades for $150 Million

A joint venture of San Francisco’s Swig Co. and Boston’s Intercontinental Real Estate Corp. has purchased 6300 Wilshire Blvd. in the Miracle Mile in a $150 million deal, or roughly $371 a square foot.

The purchase of the 404,000-square-foot Class A office building is the second by the partners, which late last year acquired Bristol 61, a creative office campus in Culver City.

Swig and Intercontinental purchased 6300 Wilshire from Foster City’s SteelWave, formerly Legacy Partners Commercial. Stephen Somer of Eastdil Secured represented the sellers. Tony Ratner of the law firm Farella Braun + Martel represented the buyer along with Kendall Brook and Mark Warcup of the law firm Bradley & Associates.

Tomas Schoenberg, executive vice president of investments for Swig Co., said the property’s location and large floor plates made it ideal for “entertainment, media, advertising and other creative companies.”

He said the buyers plan to improve occupancy of the building, which is currently 80 percent leased, both through outreach and through physical improvements to the lobby and common areas.

Tenants include New York media investment firm M Group, stock photo company Getty Images Inc. and a division of the New York publishing company Condé Nast.

The buyers plan to hold onto the building for the long term, Schoenberg said.

CBRE Group Inc.’s Joel Frank and Alex Bergeson will be retained to handle leasing on behalf of the new owners.

Representatives of the seller could not immediately be reached for comment.

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