Pacshore Grabs Santa Monica Office Building for $20 M

SANTA MONICA, CA—In an all cash deal, Los Angeles-based real estate investor Philip Orosco and his firm Pacshore Partners have acquired from The Lionstone Group a 38,000 square-foot mixed-use building at 631 Wilshire in Santa Monica for $20 million. The transaction is the third acquisition in Santa Monica in the last six months for the former Maguire Partners executive.

The four-story art deco building at 631 Wilshire, features 11,000 square feet of ground floor retail, 17,000 square feet of creative office space with 11 foot ceiling heights, and four 2,500 square-foot residential loft units on building’s abbreviated fourth floor.  Built in the 1950s, the residential lofts and a recreation room were added to the original two-story building in the late 1990s at a cost of more than $4 million.  631 Wilshire was 55 percent leased at the time of sale, and tenants include digital production and design studio Big Block and global IT firm EMC Corporation.