Hanover-Upside JV Closes on Getty

LOS ANGELES-A joint venture between Upside Investment Inc. of Calabasas and Los Angeles-based Hanover Financial Co.’s Hanover Real Estate Fund LLC has closed on the $21-million purchase of the former Getty office tower, which the partnership will convert to apartments.

The new owners plan to refurbish the 22-story office tower into a 260-unit apartment project along with approximately 25,000 sf of retail space that will include an existing five-story, 600-space parking structure adjacent to the tower.

The property is in the Koreatown portion of the Mid-Wilshire District, at 3810 Wilshire Blvd., at the southwest corner of Wilshire Boulevard and Western Avenue. It is directly across the street from a Metrorail subway station and the Wiltern Theater, and within walking distance of a Ralph’s Supermarket and a 24-hour fitness facility. The 340,000-sf tower, which once housed the corporate offices for Getty Oil Co., was developed in 1962 and has been vacant for more than 10 years.