X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BRENTWOOD, CA-Dougas Emmett Inc. of nearby Santa Monica has acquired the 310,000-square-foot Wilshire Bundy Plaza office building for $111 million in a bankruptcy proceeding in a deal that marks the third time that Los Angeles-based brokerage Madison Partners has sold the property. The 14-story office tower, which is situated on 1.02 acres of land at 12121 Wilshire Blvd. in the West Los Angeles submarket of Brentwood and was 85% occupied at closing, was sold in a bankruptcy involving Namco Capital Group of Los Angeles.

Madison Partners’ Bob Safai says that the $358-per-square-foot deal represents the largest year-to-date sale in the West Los Angeles office submarket. He cites “difficult market conditions, a complicated property bankruptcy proceeding and a difficult loan-assumption process” involved in the transaction. “Because of the complex bankruptcy and loan assumption process, the sale process lasted an entire year,” Safai says.

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?

 

GlobeSt

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
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.