LOS ANGELES--(BUSINESS WIRE)--Lincoln Property Company, along with joint venture partner Angelo, Gordon & Co., has completed a multiyear transformation of 800 Wilshire, a 16-story office property in the heart of downtown Los Angeles’ Financial District, and sold it to Vancouver-based Onni Group.
Since acquiring the property in 2013, Lincoln has implemented a business plan focused on establishing a new tenant base, upgrading common areas to cater to creative office users, improving the aesthetics of the building and recruiting new retailers on the ground floor.
During Lincoln’s ownership, occupancy soared from 65 percent to 95 percent. With the inclusion of new companies, including Cross Campus, the tenant mix includes a wide range of industries, including technology-driven businesses migrating Downtown.
“The downtown market is in the midst of a major transition,” said David Binswanger, Senior Executive Vice President at Lincoln Property Company. “We focused on making enhancements catered toward attracting creative tenants new to Downtown, as well as servicing existing tenants in the building. This property represents Lincoln’s dedication to adding value and ensuring the success of the properties we own and operate.”
The 226,797 square-foot 800 Wilshire tower, situated at the corner of Wilshire Boulevard and Flower Street, was constructed in 1972. Prior to Lincoln’s acquisition, the most recent renovation was in 2004. The 16-story building includes three levels of subterranean parking as well as unique office space on the 2nd and 16th floors, which feature high ceilings and outdoor balconies overlooking the downtown skyline.
Lincoln’s upgrades included renovation of the main lobby, with a focus on enhanced lighting and new finishes, and implementation of an open-ceiling model that meets the creative office standard, among other improvements. Lincoln also brought ground-floor retail space to life with the addition of 800 Degrees Pizza.
800 Wilshire is strategically located in the heart of Downtown’s financial core, in close proximity to Staples Center and L.A. Live, Bunker Hill, the new and continually expanding “restaurant row” on 7th Street, and to new apartment developments in the historic core, South Park, and City West. 800 Wilshire also has direct access to a robust transportation network including the Harbor and Santa Monica freeways, the Metro rail system and the Downtown Dash Bus.
"We bought 800 Wilshire and turned it into a highly desirable building through a series of planned renovations and improvements,” said Rob Kane, Senior Vice President at Lincoln Property Company. “We believed this was the right time to invest in Downtown Los Angeles, and we are pleased to see 800 Wilshire thriving along with the rest of the area.”
Marc Renard, Vice Chairman of Cushman & Wakefield’s Capital Market Group who represented the parties in the transaction, said, “800 Wilshire attracted capital from around the globe based on its durable in-place cash flow and the significant long-term appreciation potential associated with the continued urbanization of Downtown Los Angeles.”
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Access www.lpc.com for more information.