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Barker Pacific Picks Up another Downtown LA Building-(626 Wilshire Blvd.)
LA-based Barker Pacific Group has acquired a 148.7k sf office building at 626 Wilshire Blvd in downtown Los Angeles from AEW Realty Advisors, a funds advisory firm out of Boston. The 12-story property, built in 1966, is located at the corner of Hope St and Wilshire, about three blocks east of the 110 Fwy in the heart of downtown.
Although the price was not disclosed, brokers active in the area suggest it probably traded for around $9 mil, or about $60/sf. At the time of the sale, the building was roughly 40% occupied by legal firms and other professional service companies. The building sits on a 20k sf site and includes 149 parking spaces.
Brokering the transaction were Richard Schnell and Michael Weiner of Colliers Seeley International, who represented Barker Pacific Group, while two more Colliers pros, Greg Tuszynski and Jennifer Haeg, have been named the new leasing agents for the property. Financing was provided by Wells Fargo Bank.
For Barker Pacific, 626 Wilshire Blvd replaces the Fine Arts Building, a downtown Los Angeles investment property Barker Pacific had in its portfolio for five years and then sold several months ago. “We know this market well and believe that 626 Wilshire offers tenants many attractive amenities to drive leasing activity,? said Michael Barker, Managing Director for Barker Pacific Group. “With our strong management and leasing team
Originally designed by Langdon Wilson, the building was fully renovated in 2002 under the direction of architect Scott Johnson, of Johnson Fain Partners. Johnson is renowned for his work on many landmark properties, including Fox Tower, 1999 Avenue of the Stars and MGM Tower in Los Angeles, along with Rincon Plaza in San Francisco and Opus Winery in Napa, to name a few. The modern renovations feature a sleek new main entrance and lobby with translucent glass walls, rich wood framed portals and redesigned security console with stainless steel and marble finishes.
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