8447 Wilshire Boulevard

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