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De La Hoya Burnishes Downtown L.A. Building
The "Golden Boy" of boxing has taken a shine to a Los Angeles office building. Oscar de la Hoya became majority owner and a tenant in 626 Wilshire Blvd. in the city's downtown financial district when his Golden Boy Enterprises L.L.P. signed a deal with building owner Barker Pacific Group.
Barker Pacific retains a minority interest, as does Christopher Rising, president of Rising Real Estate Group, who will be the leasing agent.
Currently located in Library Tower, Golden Boy Enterprises will take 5,500 square feet in the 148,721-square-foot Class B building next month, making it one of the largest tenants in the building. Barker Pacific acquired the building, at Hope Street and Wilshire Boulevard, from AEW last October and has since brought it from a 40 percent occupancy to more than 80 percent.
Hardly competition for the likes of the recent Bank of America Plaza and Sanwa Bank Plaza sales, the deal nonetheless marks yet another transaction in a market that is at last showing some signs of life. Downtown L.A., however, remains 17.3 percent vacant, according to CB Richard Ellis statistics, and experienced negative 133,079 square feet of absorption in the second quarter.
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