Property Name: 8447 Wilshire Boulevard
Asset Class: Office
Geography: Los Angeles, Urban (Beverly Hills)
Size: 52,000 Square Feet
Business Plan: The asset was purchased in 1997 with the intention to redevelop. The building interior was completely demolished and retrofitted at a cost of 50% of the property’s acquisition value. The management team leased the property to full occupancy while attracting name-brand credit tenants, with Oliver Peoples making the building their headquarters. The property was sold in 2000 to a private buyer.
Acquisition Price: $5.0M
Rehabilitation Costs: $2.5M
Reversion Value: $12.5M