LOS ANGELES-A partnership of Forest City Residential, MacFarlane Partners, RAD Management and TMG Partners will convert the 380,00-sf 1100 Wilshire Blvd. office building into condominiums in one of many instances of Downtown office towers being turned into residences but one of the few cases in which the housing is being offered for sale rather than for rent.The partners, who formed a joint venture to convert the 37-story, class A office building into housing, plan to turn it into approximately 230 luxury condominiums, with models slated to be available in the first quarter of 2005. The property, which is vacant, was developed in 1986. The joint venture acquired 1100 Wilshire from Format Corp., an affiliate of Formosa Plastics Corp., Taiwan’s largest petrochemical and plastics manufacturer, for approximately $40 million. The CB Richard Ellis Urban Redevelopment Team, led by Mark Tarczynski, along with David Louie, represented both the buyer and seller in the acquisition of the skyscraper, which has been virtually empty since it was built. Tarczynski notes that although a number of class B and class C office buildings have been converted to residential use Downtown, this is the first class A office tower to be converted into housing in Los Angeles. Buildings that rely on the city’s Adaptive Reuse Ordinance to complete their conversions have to be built before 1974. Because 1100 Wilshire was built in 1986, Tarczynski explains, a number of city agencies and officials needed to sign off on the project. To obtain entitlements to convert the building for residential use, the joint venture partners have agreed to develop 46 residential units for low-income tenants at a nearby location that has yet to be determined. TMG and RAD Management will oversee the development of the affordable housing.The development team for the conversions is headed by Greg Vilkin, president of Forest City Residential West, a wholly owned subsidiary of Cleveland-based Forest City Enterprises; Robert D’Elia, president of Venice-based RAD Management; and David Martin and Michael Covarrubias of San Francisco-based TMG Partners. San Francisco-based MacFarlane Partners is investing in 1100 Wilshire as part of its joint venture with the California Public Employees’ Retirement System, CalPERS, to invest in urban-infill properties in major metropolitan areas nationwide.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.