Newmark Capital Markets has announced the sale of Wedbush Center at 1000 Wilshire, a 476,491-square-foot class A trophy office building in downtown Los Angeles. The 21-story building benefits from its prominent freeway-adjacent location visible to 300,000 vehicles daily.
Newmark Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Senior Managing Director Rob Hannan, Managing Directors Laura Stumm and Michael Moll and Executive Managing Director Ken White represented the seller Lincoln Property Company in the $196 million sale to Cerberus Real Estate Capital Management. Newmark Capital Markets Executive Managing Director David Milestone and Managing Director Brett Green procured new financing on behalf of the buyer, Cerberus.
Wedbush Center at 1000 Wilshire recently benefited from a $4 million renovation focused on repositioning the building’s ground floor lobby areas including the addition of a full-service bar and café restaurant, further reshaping the building while adding a new exciting amenity. 1000 Wilshire is in the midst of downtown LA’s most anticipated new developments such as the Wilshire Grand Center and Metropolis.
“With the infusion of more than $27 million of capital since 2000 in residential, retail, hospitality, and cultural amenities, Downtown Los Angeles has become one of the preeminent urban renaissance stories in the U.S.,” said Hannan. ” This investment has generated tremendous momentum for Downtown as one of LA’s premier live-work-play environments.”
1000 Wilshire is 86 percent leased to a strong roster of tenants including anchor financial services firm Wedbush Securities. The property is located at Wilshire Blvd. and the 110 freeway, downtown LA’s “main and main” thanks to a significant amount of new developments in the area, and popular entertainment and retail destinations such as Staples Center, LA Live and FIGat7th.
“The center of gravity for LA has expanded north fueled by game-changing developments such as Metropolis and Wilshire Grand,” added Shannon.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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