Vancouver-based Onni Group has acquired 800 Wilshire, a 16-story office tower in the heart of downtown Los Angeles’ Financial District. The the 227k sf high-rise, located at the corner of Wilshire and Flower St, was sold by joint venture partners Lincoln Property Company and Angelo, Gordon & Co.
Since acquiring the property in 2013 from Prudential Real Estate for around $48 mil, Lincoln has upgraded the common areas to cater to creative office users, improved the aesthetics of the building and recruited new retailers on the ground floor. During this time, 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.
800 Wilshire was constructed in 1972. Prior to Lincoln’s acquisition, the most recent renovation was in 2004. The 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.
Marc Renard, Vice Chairman of Cushman & Wakefield’s Capital Market Group, represented both parties in the transaction. The price was not immediately disclosed.