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LOS ANGELES-The local office of Foster City-based Legacy Partners purchased the 16-story, 305,889-sf 600 Wilshire Blvd. office building and 9,000 sf of attached retail space from the local office of AEW Capital Management for more than $43.6 million, marking Legacy’s first acquisition in Downtown.Scott Word, an SVP with Legacy in Los Angeles, tells GlobeSt.com that the 600 Wilshire Building represents a value-added play for the development and investment firm, saying it fits with the company’s strategy of acquiring assets in recovering markets at a significant discount to replacement cost. The building, situated in the center of the Downtown financial district, was 70% leased at the time of sale to a tenant roster that Word describes as “excellent.” The sale of the property, which includes a four-level, underground parking garage, was brokered by David Doupe’ and Larry Krasner of CB Richard Ellis. Legacy’s leasing agents for the building will be John McAniff and Ted Simpson of Cushman & Wakefield.Word tells GlobeSt.com that Legacy will move its Los Angeles regional office from its current location in Univesal City into the 600 Wilshire Building, where existing tenants include Bank of America, Firemen’s Fund, Whitmont Development, LookingGlass Networks and Tech Pek Systems. He says the value-added aspect of the acquisition lies primarily in filling the 30% of the building that is vacant. “The building is in great shape,” Word says. explaining that all of the public areas have been renovated, as well as other parts of the building.The Downtown asset adds to a Legacy Partners Southern California portfolio that includes 5.8 million sf of office and industrial space. The company has acquired, developed and managed more than 100 million sf of commercial property across the Western markets at a cost in excess of $4.2 billion. Seller AEW Capital Management provides investment advisory services to institutions and other owners of commercial properties and portfolios. Besides Los Angeles, AEW has offices in Boston, Washington, DC, London, Paris and Milan.

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