Arcadia Capital Group has acquired the prominent 1230 Wilshire Boulevard office building for a reported $78.5 million. The 12-story, 185,000-square-foot structure, built in 1985, is a significant acquisition in the Downtown West submarket, signaling continued investor confidence in Class A office assets with value-add potential. Wilshire Holdings LLC, the seller, had owned the property since 2010.
The building currently boasts a diverse tenant roster, including several law firms and creative agencies. Sources close to the deal indicate that Arcadia Capital Group plans a multi-million dollar renovation to modernize common areas, upgrade building systems, and enhance tenant amenities, including a new fitness center and collaborative workspaces. This move is aimed at attracting new tenants and retaining existing ones in an increasingly competitive office market.
This transaction underscores a broader trend of institutional investors targeting well-located, older office buildings in established business districts, betting on strategic improvements to drive future value. The sale price, equating to approximately $424 per square foot, reflects a belief in the long-term resilience and growth of Downtown Los Angeles's commercial real estate sector, particularly as return-to-office trends solidify.
