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LOS ANGELES-The Somerset Group of New York City has acquired the 170,000-sf 5055 Wilshire Blvd. office building from San Antonio, TX-based USAA Real Estate Co. as part of a plan to build its Los Angeles portfolio over the next few years. Terms of the deal were undisclosed, but transaction records indicate that the purchase price was north of $45 million.

Gabriel Eshaghian, Los Angeles-based principal and acquisitions director at Somerset, tells GlobeSt.com that the privately held company was one of a number of bidders vying for the 5055 Wilshire Building. He says that the New York City-based firm is planning to build its office portfolio in the Los Angeles area over the next few years.

Somerset, founded in 1978, is an investment, development and management company with more than two million sf of commercial, residential and retail under ownership. Its activities have included the building of high-rise condominiums inthe New York Metropolitan area.

David Eshaghian, president of the Somerset Group, notes that the 5055 Wilshire building is 97% occupied, with “a strategic location in the heart of the Miracle Mile district and outstanding tenant base” that includes the Hollywood Reporter, Billboard Magazine, and AdWeek magazine. Built in 1948, the office tower underwent a complete renovation in art deco style in 1990. Its floor plates range from 12,000 sf to 26,000 sf, with more than 471 parking spaces. The building is awaiting LEED-EB Goldcertification and has been Energy Star certified for the past six years.

The Somerset Group was represented by Fred B. Cordova III, senior vice president in the Los Agneles office of Colliers International. The sellers were represented by thePalmer Team, based in Sacramento. Debt financing was provided by Wells Fargo Real Estate Group. Somerset has named Transwestern Commercial Services as its management partner for the building.

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