THE SOMERSET GROUP ACQUIRES 170,000-SQUARE-FOOT OFFICE BUILDING

LOS ANGELES — The Somerset Group has acquired 5055 Wilshire Boulevard in Los Angeles for $45.1 million. The nine-story, Class A office property is located in the Miracle Mile district of the city. The 168,532-square-foot building is 97 percent leased to multiple tenants, including Verizon Business, Nationwide Mutual, The Hollywood Reporter, Billboard Magazine and Nielson. Fred Cordova, Nathan Pellow and Andrew Rosengarten of Colliers International represented the buyer; The Palmer Team represented the seller, USAA Real Estate Company, in the transaction. Wells Fargo Real Estate Group provided debt financing for the transaction.