The Los Angeles office of Hines has announced that Hines REIT has acquired One Wilshire from Carlyle One Wilshire II, L.P., a subsidiary of The Carlyle Group, a global private equity firm. The Class A office tower is prominently located at the junction of South Grand Avenue and Wilshire Boulevard, in the central business district of Los Angeles. The seller was represented by Eastdil Secured in the transaction.
One Wilshire in Los Angeles.
One Wilshire is a 30-story building comprised of approximately 664,248 ft² of office and retail space with a five-level subterranean parking garage for 524 cars. Designed by Skidmore, Owings & Merrill and opened in 1966, the property underwent a major renovation in 1992, consisting chiefly of telecommunication networks upgrades.
One Wilshire serves some of the most dominant players in the global communication industry. The property is currently 99% leased, with 62% of the property occupied by communications companies including Verizon Communications, CRG West, Savvis/Level 3, Global Crossing, Qwest Communications and Pac-West.
"One Wilshire is an outstanding investment for the Hines REIT. This acquisition allows us to expand our portfolio in one of our primary target markets, and in addition acquire one of the world's premier telecommunications assets," said Charles Hazen, president of Hines REIT.
"We have had a presence in downtown Los Angeles for over 20 years, and never in that time have we seen the kind of infrastructure and amenity improvements we are seeing today. This is an exciting opportunity for Hines to expand its presence in the highly sought after Los Angeles marketplace," said Hines Senior Vice President Colin Shepherd.
Hines is the sponsor of Hines REIT, and is responsible for the management and leasing of its assets.