Wedbush Center, a 21-story trophy office building located at 1000 Wilshire Blvd. in the heart of downtown Los Angeles, has a new owner. Cerberus Real Estate Capital Management has recently bought the tower from Lincoln Property Co., in a $196 million transaction.
Prior to the sale, the Class A high-rise benefited from an extensive $4 million renovation of the ground floor lobby area, and the amenity package was extended. New amenities include a full-service restaurant that also features a café; a bar; coworking space; an indoor-outdoor cocktail lounge; and a landscaped patio overlooking 7th Street. The previous owner also upgraded the building’s systems, implemented parking automation, and renovated the communal spaces.
“With the infusion of more than $27 million of capital since 2000 in residential, retail, hospitality, and cultural amenities, Downtown Los Angeles has become one of the preeminent urban renaissance stories in the U.S.,” said Rob Hannan, senior managing director for NKF Capital Markets, the seller’s agent in the transaction.
The 473,253-square-foot tower is 86% leased to a plethora of high-profile companies, including Wedbush Securities, the anchor tenant. According to Yardi Matrix data, the office building currently houses 29 lessees, including some internationally recognized names such as Hatch Mott MacDonald, RGP, West Monroe Partners, and CH2M Hill.
The multi-tenant high-rise at 1000 Wilshire Blvd. encompasses roughly one acre of land at the intersection of Wilshire Boulevard and the 110 Freeway in downtown Los Angeles. A LEED-certified, transit-oriented property originally completed in 1986, the tower offers easy access to the Harbor and Santa Monica freeways, the Metro rail system, and the Downtown Dash Bus.
Due to its close vicinity to some highly-anticipated developments, such as the recently completed Wilshire Grand Center skyscraper, Wedbush Center is part of downtown L.A.’s “main and main.” The office building is located in close proximity to popular entertainment venues such as Staples Center, L.A. Live, and FIGat7th.