John Anthony of the Charles Dunn Co. in Downtown LA says Lee's Los Angeles-based company acquired the 66,000-sf office property via 3545 Wilshire LLC. Anthony represented both the buyer and the seller, the Wilshire Building Co. LLC of Los Angeles.
The building, which was 100% leased at sale time, represents one of the highest prices paid per sf in recent years for an office building in the Mid-Wilshire district, Anthony says. He tells GlobeSt.com that the building, which was built in 1958 and renovated in 1989, had been owned by the seller for about 12 years.
Anthony says the tenants include a wide variety of small businesses and medical offices. Such tenants have been a mainstay for Lee, who has relied on scores of mom-and-pop tenants along with some larger governmental entities to fill the space in the Mid-Wilshire district, also known as Wilshire Center.
Lee, a medical doctor, established his real estate reputation in Los Angeles as a buyer of Mid-Wilshire office properties who filled formerly empty buildings to high occupancies--making his Jamison Properties by far the largest owner of office buildings in the Mid-Wilshire district. Earlier this year he acquired a 200,000-sf building at 3350 Wilshire, pushing his holdings to about 7.5 million sf in that part of town.
Lee has branched out to other office markets as well, including deals within the past year in Downtown LA, West Los Angeles and Long Beach. Jamison owns a portfolio of more than $300 million, including some apartments and retail space.
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