The 5670 Wilshire building was built in 1963 and was renovated in 1990. It is home to a number of entertainment industry tenants, among them Infinity Broadcasting, as well as other major tenants including the Securities and Exchange Commission and Singapore Airlines.
As reported on GlobeSt.com, Arden announced the 5670 Wilshire deal in March at the same time as it bought the 608,000-sf Sorrento Mesa Corporate Center in San Diego from Sorrento Towers LLC for $185 million. The 5670 Wilshire and Sorrento Mesa deals were part of an overall strategy in which the L.A.-based REIT is selling some properties and acquiring others. The plan includes the disposition of nine properties, totaling approximately 1.5 million sf, in what it calls a capital recycling program. Arden expects a minimum of $200 million in sales proceeds from these dispositions and to close these sales over the next six to nine months. With these latest deals, Arden owns 122 properties in Southern California comprising 198 buildings and approximately 19.3 million net rentable sf of office space.
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