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3/05/18
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Wedbush Center, a 476.5k sf, Class A office tower at 1000 Wilshire in downtown Los Angeles, was acquired by Cerberus Real Estate Capital Management in a $196 mil ($411/sf) transaction. The 21-story building was sold by Lincoln Property Company.
1000 Wilshire is 86% leased to a strong roster of tenants including anchor financial services firm Wedbush Securities. The property is located at Wilshire Blvd. and the 110 freeway, downtown LA’s “main and main” thanks to a significant amount of new developments in the area, and popular entertainment and retail destinations such as Staples Center, LA Live and FIGat7th.
The building recently benefited from a $4 mil renovation focused on repositioning the building’s ground floor lobby areas, including the addition of a full-service bar and café restaurant, further reshaping the building while adding a new exciting amenity. 1000 Wilshire is in the midst of downtown LA’s most anticipated new developments such as the Wilshire Grand Center and Metropolis.
NKF Capital Markets Co-Head of US Capital Markets Kevin Shannon, Senior Managing Director Rob Hannan, Managing Directors Laura Stumm and Michael Moll and Executive Managing Director Ken White represented Lincoln Property Company in the sale. NKF Capital Markets Executive Managing Director David Milestone and Managing Director Brett Green procured new financing on behalf of the buyer, Cerberus.
“With the infusion of more than $27 mil of capital since 2000 in residential, retail, hospitality, and cultural amenities, Downtown Los Angeles has become one of the preeminent urban renaissance stories in the U.S.,” said Hannan. “This investment has generated tremendous momentum for Downtown as one of LA’s premier live-work-play environments.”
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