Tuesday, March 22, 2016

HFF closes $20 million sale of 2601 Wilshire Boulevard in Los Angeles, CA

2601 Wilshire Boulevard, Downeown Los Angeles, CA

Blake A. Rogers
LOS ANGELES, CA -- March 21, 2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 2601 Wilshire Boulevard, a 1.21-acre site with two office buildings totaling 62,000 square feet in Los Angeles, California.

HFF marketed the property on behalf of the seller, an entity advised by Cohen Asset Management, Inc. (CAM).  Jamison Properties purchased the asset for $20 million.

Originally built in 1951 and renovated in 1999, 2601 Wilshire Boulevard consists of a one-story and connected four-story building, plus an adjacent four-story, five-level parking garage. 

The County of Los Angeles leases the property in its entirety through April 2019.  The property is well-suited for a future multi-housing development, with the ability to construct up to 248 units based on the current zoning.

 Situated along Wilshire Boulevard on the eastern border of Koreatown, the property is easily accessible to the Vermont/Wilshire and Westlake/MacArthur Metro Red Line subway stations, as well the 110 and 101 Freeways, two of California’s most heavily traveled arterial freeways.  The neighborhood has a WalkScore® of 95, making it one of the top three most walkable areas in Los Angeles. 

Andrew Harper
The HFF investment sales team representing the seller was led by directors Blake A. Rogers and Andrew Harper.

“The potential to redevelop this asset is tremendous given the strength of the market and the lack of supply.  The Wilshire/Koreatown submarket boasts some of the highest rent growth in all of Los Angeles County, and continues to outpace the Los Angeles metro as a whole with new construction rents achieving a minimum of a 20 percent premium compared to the rest of the market,” said Rogers.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

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