Upside Investments, Inc., a Calabasas, CA investment group that specializes in rescuing and repositioning floundering properties, purchased the 3810 Wilshire Blvd. property, which has been vacant for nearly 10 years, for approximately $21 million in a deal with an unnamed New York financial institution.

"The primary appeal for us was its location," Sean Baker, president of Upside Investments tells GlobeSt.com of the building, located in the heart of Mid-Wilshire at the southwest corner of Wilshire Boulevard and Western Avenue. The unobstructed views from almost all 22 stories along with nearby shopping and restaurant amenities, helped solidify the firm's decision to buy, he said.

The firm plans to turn the property, which will be renamed The Wilshire at Western, into an upscale apartment and retail complex by the spring of next year. Renovation work along with a five-story parking structure, is expected to be completed by the fall of 2005. Originally build in 1963 by J. Paul Getty as the headquarters for the Getty Oil Co., Claude Beilman, a prominent Los Angeles architect of that era, designed the building. Forty years later, a new architect, Reed Architects in Santa Monica, will transform the building into a residential and retail mix.