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Lincoln Property Re-acquires Office Tower It Sold in 2007

Renovation Planned for 915 Wilshire by New Owners LPC and Rockwood Capital
March 28, 2016
Lincoln Property Co. has partnered with affiliates of Rockwood Capital LLC to purchase 915 Wilshire Blvd., a 22-story office tower in downtown Los Angeles for $128.45 million, or about $329 per square foot.

LPC previously owned 915 Wilshire, selling it to Brickman Associates in 2007 for $117 million but remaining as the tower's property manager and leasing agent. The new ownership group plans to renovate the building, including an update to the ground floor lobby and valet area, redesigning outdoor patio space, and replacing elevators and building systems.

The 390,312-square-foot office tower was built in 1980 and last renovated under LPC’s ownership more than a decade ago. It is currently 88% leased.

"Lincoln has a lot of history with this property, and we’re thrilled to bring it back into our portfolio once again,” said David Binswanger, executive vice president of Lincoln Property Co. “We really believe in downtown LA, and with this particular building, we were attracted to its potential for renovation."

Kevin Shannon, formerly with CBRE before recently joining Newmark Grubb Knight Frank, brokered the sale for the seller. For more information, see CoStar Comp ID #3547029.

Click here for more of this week’s value add and opportunistic real estate news. Late cycle CRE rebound could foretell higher REO property losses.

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