Wilshire Capital Partners LLC has successfully acquired the prominent 12-story office tower located at 1230 Wilshire Blvd in Westlake for a reported $78.5 million. The transaction, which closed on May 3rd, marks a significant investment in the evolving Westlake commercial corridor, signaling continued confidence in the area's potential for revitalization and growth. The seller, Downtown Holdings Group, had owned the property for over two decades, undertaking several minor renovations during their tenure.
The 280,000-square-foot building, constructed in 1985, is currently 70% leased, with major tenants including several legal firms and a regional marketing agency. Wilshire Capital Partners plans an extensive capital improvement program, focusing on modernizing common areas, upgrading HVAC systems for energy efficiency, and creating new collaborative workspaces. Sources close to the deal suggest a multi-million dollar renovation budget aimed at attracting tech and creative industry tenants seeking competitive rents outside of the traditional downtown core.
This acquisition aligns with a broader trend of institutional investors targeting well-located, albeit aging, commercial assets in submarkets adjacent to downtown Los Angeles. The building's proximity to the Metro B Line (Red) and major freeways was a key factor in the buyer's decision, offering excellent connectivity for future tenants. The deal was brokered by a team from CBRE, who declined to comment on the specifics but confirmed the sale's completion.
