Rockwood Capital and Lincoln Property Company West (LPC West) have sold a 22-story office tower located at 915 Wilshire Blvd. in Downtown Los Angeles to German real estate investment company Deka Immobilien. The sales price was estimated to be $196 million.
“This is yet another example of foreign capital buying class A office assets in gateway markets with credit and attractive lease terms,” said Kevin Shannon, Newmark’s co-head of capital markets, which arranged the sale. “The weighted average lease term on 915 Wilshire was over eight years, and the rent roll was anchored by a GSA 15-year lease for nearly a third of the property.”
White added, “915’s above average parking ratio compared to other DTLA office assets will be valuable post pandemic as more employees will likely opt to drive downtown initially.”
The building recently underwent a comprehensive renovation. Features include sweeping skyline views, highly efficient, 23,000-square-foot
