Wilshire Capital Partners LLC has finalized the acquisition of the prominent 1230 Wilshire Boulevard office tower in Westlake for a staggering $85.5 million. The transaction, which closed on April 24, 2026, marks one of the largest commercial office deals in the Downtown-adjacent submarket this quarter. The 185,000-square-foot, 12-story building was sold by Metropolitan Holdings Group, who had owned the property since 2010.
Sources close to the deal indicate that Wilshire Capital Partners plans a significant capital expenditure program to modernize the building's common areas, tenant improvements, and introduce new amenities to attract a diverse range of tenants. The property, built in 1985, offers panoramic views of the city and is strategically located with excellent access to the 110 and 10 freeways, as well as multiple Metro lines.
This acquisition underscores a renewed confidence in the Westlake office market, particularly for well-located, value-add opportunities. With Downtown LA's office vacancy rates still a concern, investors are increasingly looking to peripheral submarkets that offer competitive rents and strong transportation links. Wilshire Capital Partners' move suggests a long-term bullish outlook on the area's potential for revitalization and growth.
