The 1960s-era building stands on the corner of Wilshire Boulevard and Grand Avenue. It was acquired earlier this year by Washington, DC-based Carlyle Group for about $100 million from Paramount Group, the investment company operated by Germany's wealthy Otto Versand family.

One Wilshire, which was once one of Downtown's most prized office addresses, was converted for telecom use in the 1990s. Its vast network of data switches and other high-speed telecommunications equipment has made it the electronic hub of Downtown LA, serving not only the building's own tenants but also working as a plug-in point for many surrounding structures and companies in the Central Business District.

Though the telecom business has slowed in recent months, Carlyle has established an impressive track record in successfully operating such buildings around the world—a record that the new Insignia/ESG management team will be expected to help it continue. According to a Carlyle executive, the company has invested is six communications-related properties yielding an average internal rate of return of more than 35%.