LOS ANGELES-Lincoln Property Co. has partnered with Angelo, Gordon & Co. to purchase 800 Wilshire, a 16-story office building at the corner of Wilshire Blvd. and Flower St. Purchase price was approximately $48 million, financed by Bank of America. Terms were not available.
The 220,757-square-foot tower in the financial district was constructed in 1972 and most recently renovated in 2004. The building includes three levels of subterranean parking and ground-floor retail space that will soon feature a restaurant, which Lincoln declined to name. There is also a FedEx outlet on the ground floor.
Lincoln plans to update 800 Wilshire’s main lobby with enhanced lighting and new finishes, among other improvements. No estimates were given for renovation costs.
Tenants at 800 Wilshire include law practices, engineering firms, and construction companies. The building is 78% occupied and Lincoln plans to attract new tenants for the building’s spaces on the 2nd and 16th floors, both featuring high ceilings, open layouts and outdoor balconies. The building is close to Staples Center and L.A. Live.
“We are thrilled to invest in 800 Wilshire and to be playing a part of the renaissance taking place in downtown Los Angeles,” said a statement from David Binswanger, EVP at Lincoln. “This building has a long history of institutional ownership and loyal tenancy, but we were particularly attracted to the unique character of 800 Wilshire’s currently vacant space, which we think will appeal to the growing contingent of creative and technology-driven tenants downtown.”
Robert Kane, VP at Lincoln, tells GlobeSt.com that the location of the building “is ideal because it’s situated in the center of downtown Los Angeles, which is seeing significant investment activity. With the nearby redevelopment of Wilshire Grand, the renovation of Macy’s Plaza and the activity at the intersection of Figueroa and Wilshire, this is a prime location.” Lincoln also recently purchased the Desmond, a former department store warehouse that is being transformed into a creative office and retail space in downtown’s South Park district.
Michael Zietsman and Patrick Inglis of Jones Lang LaSalle brokered the transaction.
As previously reported by GlobeSt.com, Lincoln Property Co. recently purchased the former Eastman Kodak campus in Hollywood. The historic site will be renovated to attract new tenants.