{"id":1004209057,"date":"2018-03-05T04:14:29","date_gmt":"2018-03-05T12:14:29","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004209057"},"modified":"2022-12-07T15:30:22","modified_gmt":"2022-12-07T23:30:22","slug":"cerberus-buys-la-office-building-for-196m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cerberus-buys-la-office-building-for-196m\/","title":{"rendered":"LA Office Building Commands $196M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Wedbush<\/a>

Wedbush Center, Los Angeles<\/p><\/div>\n

In a $196 million deal, Cerberus acquired Wedbush Center at 1000 Wilshire, a 476,491-square-foot Class A trophy office building in downtown Los Angeles, from Lincoln Property Co.<\/p>\n

The sale was facilitated by Kevin Shannon, NKF Capital Markets\u2019 co-head; Rob Hannan, the company\u2019s senior managing director; Laura Stumm and Michael Moll, managing directors; and Ken White, executive managing director. Meanwhile, David Milestone, the company\u2019s executive managing director, and Brett Green, managing director, procured the financing for the buyer.<\/p>\n

\u201cWith 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.,\u201d <\/em>Hannan said in a prepared release. \u201cThis investment has generated tremendous momentum for Downtown as one of LA\u2019s premier live-work-play environments.\u201d<\/em><\/p>\n

The 21-story building recently underwent a $4 million renovation, which included the repositioning of the building\u2019s ground-floor lobby areas, the addition of a full-service bar and caf\u00e9 restaurant, and further reshaping the building.<\/p>\n

Wedbush Center at 1000 Wilshire offers a prominent freeway-adjacent location visible to more than 300,000 vehicles. It\u2019s close by popular entertainment and retail destinations such as Staples Center, LA Live and FIGat7th, and is in the midst of downtown LA\u2019s most anticipated new developments, including the Wilshire Grand Center and Metropolis.<\/p>\n

Currently, the building is 86 percent leased to a roster of tenants that includes Wedbush Securities.<\/p>\n

\u201cThe center of gravity for LA has expanded north fueled by game-changing developments such as Metropolis and Wilshire Grand,\u201d<\/em> Shannon said.<\/p>\n

Los Angeles is hot<\/strong><\/h2>\n

According to Savills Studley\u2019s 2017 Q4 Office Market Report, asking rents for the Los Angeles office market commanded $36.97 during the period, an increase of 1.2 percent. And while downtown\u2019s leasing has been sporadic the last two years, there were plenty of renewals in 2017.<\/p>\n

Last October, a joint venture between The Muller Co., and an affiliate of Cerberus Capital Management LP recapitalized an 841,036-square-foot office portfolio in Orange County<\/a>.\u00a0<\/p>\n

Image courtesy of NKF Capital Markets<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

NKF Capital Markets represented Lincoln Property Co. in the sale of Wedbush Center, a 21-story tower at 1000 Wilshire in the city\u2019s downtown. <\/p>\n","protected":false},"author":451,"featured_media":1004209063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21783,1594,21742,21747,15],"tags":[33647,33532,32838,36007,32775],"class_list":["post-1004209057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-cerberus-capital-management","tag-kevin-shannon","tag-lincoln-property-company","tag-newmark-knight-frank","tag-savills-studley"],"acf":[],"yoast_head":"\nLA Office Building Commands $196M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cerberus-buys-la-office-building-for-196m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LA Office Building Commands $196M\" \/>\n<meta property=\"og:description\" content=\"NKF Capital Markets represented Lincoln Property Co. in the sale of Wedbush Center, a 21-story tower at 1000 Wilshire in the city\u2019s downtown.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cerberus-buys-la-office-building-for-196m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-05T12:14:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T23:30:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/03\/Wedbush-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cerberus-buys-la-office-building-for-196m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cerberus-buys-la-office-building-for-196m\/\",\"name\":\"LA Office Building Commands $196M - 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