December 17, 2020, 9:00AM
星空体育app下载 announces it has arranged the sale of 915 Wilshire, a 22-story, 388,126-square-foot Class A office building in the heart of Downtown Los Angeles鈥� financial district.
星空体育app下载鈥檚 Co-head of , Executive Managing Directors and and Senior Managing Director represented the sellers, Rockwood Capital (鈥淩ockwood鈥�) and Lincoln Property Company West, in the transaction. The buyer, Deka Immobilien, a global real estate investment company based in Germany, purchased the asset off market. 星空体育app下载鈥檚 Vice Chairman led the refinancing effort.
鈥淭his is yet another example of foreign capital buying Class A office assets in gateway markets with credit and attractive lease terms,鈥� said Shannon. 鈥淭he weighted average lease term on 915 Wilshire was over eight years and the rent roll was anchored by a GSA 15-year lease for nearly a third of the property.鈥�
White added, 鈥�915鈥檚 above average parking ratio compared to other DTLA office assets will be valuable post pandemic as more employees will likely opt to drive downtown initially.鈥�
The building is located at 915 Wilshire Boulevard and recently underwent a comprehensive renovation. Features include sweeping skyline views, highly efficient, 23,000-square-foot floor plates, an upgraded lobby, open-air mezzanine rooftop deck, elevator cabs, building signage and a nearly complete full service bar and restaurant. The building was 90 percent leased at the time of sale to 30 tenants spanning a variety of sectors, including professional and financial services, entertainment, insurance, law, healthcare and government.
The property is directly adjacent to the 110 Freeway, blocks away from the 7th Street Metro Station and presents optimal ingress and egress for all modes of transportation. With immediate proximity to dozens of top-rated restaurants, bars and hotels, including the neighboring Wilshire Grand, the asset offers tenants one of Downtown LA鈥檚 most central and accessible locations.
According to , Downtown Los Angeles has a number of long-term selling points, including being at the center of the metro鈥檚 transit system; substantial multi-housing development in recent years; an evolving amenity base, available office space for expansion or consolidation; and lower office rents than most West Los Angeles areas.
Rockwood is a private real estate investment firm with offices in Los Angeles, San Francisco and New York City. The firm and its principals have invested on behalf of their clients in approximately $32 billion of real estate through commingled funds and separate accounts.
LPC West, the West Coast arm of Lincoln Property Company (鈥淟PC鈥�), owns and operates a portfolio of over 21 million square feet of commercial space in Southern California alone, including over 10 million square-feet in Los Angeles, and is one of the most respected names in the marketplace.
About 星空体育app下载 Group, Inc. (NASDAQ: NMRK)
星空体育app下载 Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, 星空体育app下载 brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, 星空体育app下载 Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit or follow .
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