NKF Arranges $196M Sale of Trophy Office Building in Downtown Los Angeles
LOS ANGELES — NKF Capital Markets has arranged the sale of Wedbush Center at 1000 Wilshire Blvd. in downtown Los Angeles for $196 million. Lincoln Property Co. sold the building to Cerberus Capital Management LP.
The 476,491-square-foot office building is 86 percent leased. Financial services firm Wedbush Securities anchors the property.
Located along Wilshire Boulevard, the Class A office tower is near entertainment destinations such as Staples Center and LA Live.
The 21-story building recently underwent a $4 million renovation focused on repositioning the building’s ground-floor lobby, including the addition of a full-service bar and café.
Designed by Kohn Pederson Fox Associates, 1000 Wilshire opened in 1987, according to The Skyscraper Center.
Kevin Shannon, Rob Hannan, Laura Stumm, Michael Moll and Ken White of NKF represented the seller, while David Milestone and Brett Green of NKF procured financing on behalf of the buyer.
Dallas-based Lincoln is a commercial real estate developer and property manager. Cerberus, headquartered in New York City, is a private investment firm.
— Kristin Hiller