Rockwood-LPC Divest Downtown Los Angeles Tower for Nearly $200M to German Investor
Germany’s Deka Immobilien acquired 915 Wilshire in Los Angeles from Rockwood Capital and Lincoln Property Company West for roughly $196 million. The 22-story, 388,126-square-foot Class A office building sits in the heart of Downtown Los Angeles’ Financial District.
Newmark’s Kevin Shannon, Ken White, Rob Hannan and Laura Stumm represented the sellers, a global real estate investment company. Newmark’s David Milestone led the financing effort.
Shannon says, “This is yet another example of foreign capital buying Class A office assets in gateway markets with credit and attractive lease terms. 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.”
The 90%-leased property, which recently underwent a comprehensive renovation, is directly adjacent to the 110 Freeway, and near the 7th Street Metro Station.
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