Lincoln Property JV Trades Los Angeles Tower for $196M
- Dec 18, 2020
German REIT Deka Immobilien has acquired 915 Wilshire, a 388,126-square-foot Class A office tower in downtown Los Angeles. The seller, a joint venture between Rockwood Capital and Lincoln Property Co., sold the asset in an off-market transaction for $196 million, according to Commercial Observer.
The deal is the fourth-largest office transaction this year in the Los Angeles metro, according to data from CommercialEdge. Newmark’s Kevin Shannon, Ken White, Rob Hannan and Laura Stumm represented the seller. Shannon was also involved in early 2016 when the joint venture paid $128.5 million for the 22-story building.
Delivered in 1980, the building at 915 Wilshire Blvd. comprises an office component above six stories of parking in addition to some 9,500 square feet of retail at the base. The property has a seventh-floor amenity deck with outdoor seating, 23,000-square-foot floorplates and a parking ratio of 1.3 spaces per 1,000 square feet. Lincoln Property and Rockwood renovated the tower in 2017.
Strong tenant base
At the time of the sale, the building’s tenants had a weighted average remaining lease term of more than eight years. The largest tenant, the GSA, occupies approximately one-third of the property under a 15-year lease agreement executed in May this year.
The building is located alongside the Harbor Freeway, in the heart of the financial district. The asset is within a quarter mile of more than 15 million square feet of office space, CommercialEdge shows, with Brookfield Properties’ 330,000-square-foot FIGat7th shopping mall one block south.
Earlier in December, Lincoln Property Co. divested from another of its Class A office holdings with the $187.5 million sale of an office asset outside Phoenix. The property, fully leased to DoorDash, delivered in late 2019.