LOS ANGELES--(BUSINESS WIRE)--Lincoln Property Company has completed a multimillion-dollar renovation of the Wedbush Center, an iconic 21-story office tower located at 1000 Wilshire in the heart of downtown Los Angeles’ financial district, and sold it to Cerberus Capital Management.
Since acquiring the property in 2012 on behalf of a pension fund client, Lincoln implemented sizable upgrades, including adding a new restaurant—known as the Harbor House—to the building’s lobby. The full-service restaurant includes a bar and café, co-working space, and an indoor-outdoor cocktail lounge, as well as a landscaped outdoor patio overlooking 7th street. The Harbor House is open for breakfast, lunch, and dinner.
In addition to the first-floor renovation, Lincoln also made upgrades to the building’s systems, implemented parking automation, and renovated communal space for tenants.
The building is now more than 86% leased to a variety of tenants, most notably Wedbush Securities, a leading financial services firm, as well as Buchalter, a prominent business law firm, and Hatch Mott MacDonald, an employee-owned global engineering, management and development consulting firm.
“1000 Wilshire has been a downtown landmark since it was constructed in 1987, and through our planned renovations and improvements, it’s become even more desirable,” said Rob Kane, Executive Vice President of LPC West. “1000 Wilshire is a great example of Lincoln’s value-add strategy on behalf of its clients, and we are proud to have enhanced this trophy asset in downtown L.A.’s strong office market.”
The property encompasses approximately one acre of land at the intersection of Wilshire Boulevard and the 110 freeway in downtown Los Angeles. Tenants have easy access to a robust transportation network, including the Harbor and Santa Monica freeways, the Metro rail system and the Downtown Dash Bus.
Downtown’s financial core is near Staples Center and L.A. Live, Bunker Hill, and “restaurant row” on 7th street, as well as new residential developments in the historic core, South Park, and City West. 1000 Wilshire is also directly adjacent to the Wilshire Grand Center, a new development with numerous bars and restaurants and the nearly 900-room Intercontinental Hotel, as well as the under-construction Metropolis, a mixed-use project featuring residential, hotel, and retail uses.
“We focused on making improvements that would attract new tenants and provide existing tenants with amenities on par with other Class-A office space in the downtown L.A. market,” said Stephen Lindgren, Vice President of LPC West. “With 1000 Wilshire, we have executed a strategic business plan that elevated the property and turned it into one of the most desirable office towers in 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 100 million square feet of commercial space and over 185,000 multifamily residential units. Lincoln Property Company is one of the largest commercial real estate companies in the world. Visit www.lpcsocal.com for more information.