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Lincoln Divests Pair of Assets for $325M
Lincoln Property Company is selling two SoCal assets for a combined deal value of $325 million. The Dallas-based firm is divesting the 21-story Wedbush Center office tower in Downtown LA and Connexion in Burbank. NKF brokered both deals.
Cerberus Capital is buying the 476,000-square-foot DTLA property at 1000 Wilshire Boulevard for $200 million. Intercontinental Real Estate is taking in the 338,000-square-foot Connexion Burbank complex for $125 million.
Lincoln took control of the two properties in 2012. The 86%-leased Wedbush Center was held with an outside client, which acquired the asset for $132 million and invested $5 million into improvements such as lobby upgrades and a new restaurant.
The three buildings in Burbank that comprise the Connexion complex were held in partnership with Angelo, Gordon & Co., which acquired the asset for $84.2 million. Following a $7.7-million capital improvement effort, the 91%-leased property has been transformed into an integrated walkable campus.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


