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De La Hoya Invests $16M At 626 Wilshire
LOS ANGELES-Oscar de la Hoya’s Golden Boy Enterprises LLP has acquired a majority interest in the 148,721-sf 626 Wilshire Blvd. building from Los Angeles-based Barker Pacific Group for $16 million and will relocate its offices to 5,500 sf in the 12-story Downtown L.A. tower next month. The transaction follows Barker Pacific Group’s purchase of 626 Wilshire one year ago when it was less than 40% occupied. Today the building is 82% leased.
Michael Barker, managing director of the Los Angeles-based development company, says BPG will retain a reduced ownership position, continue managing the property and retain its offices in the building. The boxer’s firm will relocate from Library Tower at 533 West Fifth St. Christopher Rising, president of Los Angeles-based Rising Real Estate Group, also took a minority ownership position and will be the leasing agent for the building. De la Hoya was represented Rising and also by Gary McKitterick of the Irvine office of Allen Matkins Leck Gamble & Mallory. Barker Pacific was represented by Richard Schnell of Colliers Seeley in Los Angeles and by Manual Fishman of the law firm of Stoel Rives in San Francisco.
The 626 Wilshire property is at the corner of Hope Street and Wilshire Boulevard in the Downtown L.A. financial district. Besides Golden Boy Enterprises, other tenants include Telehouse, Gianelli & Morris, Wescom Credit Union, Consensus Planning Group, and Nextel of California, along with a roster of law firms and other professional service companies. Built in 1966, the building was originally designed by Langdon Wilson and was renovated in 2002 under the direction of architect Scott Johnson of Johnson Fain Partners, who is also known for his architectural design work at Fox Tower, 1999 Avenue of the Stars and MGM Tower in Los Angeles.
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