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Rockwood Capital, Lincoln Property sell DTLA office tower for $196M
Deal for 915 Wilshire among LA’s priciest of year
Rockwood Capital and Lincoln Property Company sold a Downtown Los Angeles tower for $196 million, among the priciest office deals to close this year.
German investment firm Deka Immobilien acquired the 388,000-square-foot building at 915 Wilshire Boulevard, according to Commercial Observer.
The 22-story tower is 90 percent leased to 30 tenants. The federal government’s General Services Administration has a 15-year lease for about a third of the property.
The deal is a jolt to the pandemic-weakened L.A. office market and the second priciest to close since the virus took hold in the spring. Countywide office vacancy rate hovered at 15 percent in the third quarter.
The most expensive office deal of the year was Silverstein Properties’ $430 million purchase of U.S. Bank Tower, which closed in September.
Rockwood Capital and Lincoln Property recently renovated the tower, which has a $114.5 million loan against it from Deutsche Bank dating from May 2019.
Lincoln Property first purchased the building in 2003 for $49 million, then sold it four years later for $117 million to Brickman Associates. In 2016, Lincoln Property partnered with Rockwood to buy the property for $128.5 million.
[CO] — Dennis Lynch