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LOS ANGELES-A 22-story landmark office tower that was once served as the headquarters of the Getty Oil Co. will be transformed into 260 luxury apartments and 25,000 sf of upscale retail space under an ambitious $31 million renovation plan to be undertaken by the building’s new owner.

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.

Remodeling plans call for apartments to feature granite counter tops, in-unit washers and dryers, private security systems, flexible armoire-style closets and balconies with spectacular views of the surrounding area. A penthouse level, located below the rooftop garden deck with its pool, sauna, a fully-equipped fitness room, two conference rooms, and an intimate restaurant and martini bar, will include maid service, valet parking and a selection of local, national and international newspapers delivered right to the resident’s door each day.

“This is urban apartment living at its best,” says Baker, adding that rents in the revamped building will range from $1,500 per month for a one-bedroom apartment up to $3,600 per month for a two-bedroom penthouse.

In addition to The Wilshire at Western, Upside Investments recently completed La Fayette Park Place, a 56-unit apartment complex located nearby. The firm also recently closed escrow on the mixed-use Crenshaw Imperial Plaza in Inglewood with plans to redevelop the 17.8-acre project.

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