JV Scoops Major Wilshire Office Building

LOS ANGELES—Intercontinental Real Estate Corp. and the Swig Co. have teamed up to purchased 6300 Wilshire Blvd., a 408,000-square-foot class-A office building in the Miracle Mile district of Los Angeles. The purchase price and the name of the seller were not disclosed, however industry sources unrelated to the deal say that the joint venture purchased the property for $150 million from Legacy Partners.

Both buyers agreed that this was a rare and well-located office asset. “We are excited to add to our Los Angeles office portfolio. We felt this was a great office asset centrally located in the Miracle Mile area,” Jessica Levin, director of acquisitions at Intercontinental, tells GlobeSt.com. “We liked the credit tenancy and thought it was diverse; we have media, entertainment and legal all on the roster. We also thought it was in excellent proximity to a wide variety of amenities and a broad labor pool. Plus, the views are absolutely spectacular with views of the Hollywood Hills and the Wilshire corridor.” Tomas Schoenberg, EVP of investments at the Swig Co., adds, “This is a great physical product and really checked all of the boxes. It has great floor plates; great window lines, great views; great parking and a lobby with a lot of potential that we hope to realize. These types of assets don’t trade very frequently and this transaction allows us to buy a major asset in Los Angeles, further our brand presence in the market and really grow our portfolio there.”