Lincoln Partnership Re-Acquires 915 Wilshire

Lincoln Property Company has partnered with affiliates of Rockwood Capital, LLC for the purchase of a 22-story office tower in downtown Los Angeles that it previously sold to Brickman Associates in 2007. Lincoln originally purchased the property in 2003 for $49.2 million, or $128 a square foot, from TIAA-CREF, selling it to Brickman for $117 million, or just under $300 a square foot. The price Lincoln Property paid this time was not released, but sources tell GlobeSt the building probably sold for $130 million. Kevin Shannon, currently with Newmark Grubb Knight Frank, brokered the deal; terms were not disclosed.

"Lincoln has a lot of history with this property, and we're thrilled to bring it back into our portfolio once again," said David Binswanger, Executive Vice President of Lincoln Property Company. "We really believe in downtown LA, and with this particular building, we were attracted to its potential for renovation. We look forward to executing our vision to create a more modern, inviting space for current and future tenants of 915 Wilshire."

Originally built in 1979, 915 Wilshire is a 390,312 square foot steel frame Class A office building complete with a storage penthouse, emergency equipped helipad, exterior terraces at the 7th and 8th floor northern exposure, and a parking garage. The Skidmore, Owings and Merrill design was constructed by Turner Construction and developed by Cabot, Cabot & Forbes. After selling the property to Brickman in 2007, Lincoln has stayed on as a property manager and leasing agent. The Lincoln partnership said in a press release that it has plans to renovate the property for the first time in over a decade, to include upgrades to the lobby and valet area, redesigning the outdoor patio, and replacing the elevators. The building was 88% leased at the time of sale, and is across the street from the Wilshire Grand Center, a $1 billion mixed-use project being built by Hanjin Group that's expected to be completed in July 2017.

"We are very excited to be partnering with Lincoln on the renovation of 915 Wilshire," said Tyson Skillings, Managing Partner at Rockwood Capital, LLC. "This property, already in high demand by tenants, is located in the heart of the most vibrant area for redevelopment in downtown LA. It will become even more attractive with the nearby addition of a new, world-class hotel tower, restaurants, nightlife and retail. This is a prime example of Rockwood's investment approach."

For more news and information visit Blumberg Partners.

11 Dupont Circle Buyer Found

BlackRock Realty put 11 Dupont Circle in Washington, DC on the market this May and may have already found a buyer for $88.5 million. According to a GlobeSt. report, Cassidy Turley, which had been selected to market the property by BlackRock, has found an unnamed buyer that will acquire the building at a pricepoint well in excess of the $54.5 million Brickman Associates paid for the property in 2005.

BlackRock acquired the 149,000-square foot office building in 2006 for $62.1 million. Built in 1974 and renovated in 2004, the property is currently fully leased but its best known tenant is the street-level retailers Books-A-Million, which serves as one of the anchors of Dupont Circle. The building is central to one DC's most dense and affluent population centers with a daytime population of forty-five thousand within a quarter mile.

For more news and information visit Blumberg Capital Partners.