LOS ANGELES—Sharp Capital has purchased a 92,000-square-foot office and retail building in Downtown Los Angeles with plans to renovate the common spaces. Located at 1200 Wilshire Blvd., the property is occupied by Wells Fargo Bank, Modern Parking and Amanecer Community Counseling Services.

“The acquisition of 1200 Wilshire fit our acquisition criteria to move into rapidly and ever-changing neighborhoods such as Central City West,” David J. Shophet, a principal at Sharp Capital, tells GlobeSt.com. “With the addition of Plan Check Restaurant and Bar across the street, over 1,000 new multifamily units under development in the immediate vicinity, and an $80-million expansion by Good Samaritan Hospital, we feel as if the building is well position to capitalize on the activity in the vicinity as well as the rest of Downtown Los Angeles.”   

Sharp Capital plans to renovate the property's common areas and continue to upgrade the property. “Part of our mission as responsible landlords is to provide unparalleled service to our tenants through constant and consistent improvements, with extra attention to the common areas,” says Shophet.

The investor has recently found opportunities in the Westlake area, including a development of a luxury apartment building nearby at Temple and Glendale Blvd. “Sharp Capital has historically played a pivotal role in the area's invested in,” says Shophet, who lists redevelopment projects such as Franklin Towers, a 65,000-square-foot shopping center on Crenshaw and the Expo Line as well as the 67-unit project under development at 3221 W. Temple St. in Westlake district of Los Angeles as examples.

While originally focused on multifamily development, the downtown renaissance has recently seen an uptick in office investments and developments, including GPI Companies and Atlas Capital's joint venture project in the former Coca-Cola building. The development will bring 150,000-square-feet of creative office space to Downtown Los Angeles.