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Lincoln Sells 800 Wilshire Early

LOS ANGELES—Lincoln Property Co. completes its four-year redevelopment plan of the 227,000-square-foot office building in two years, and sells to the Onni Group.

By Kelsi Maree Borland | Updated on November 12, 2015

LOS ANGELES—Lincoln Property Co. and its joint venture partner Angelo, Gordon & Co. has sold 800 Wilshire, a 227,000-square-foot office tower in Downtown Los Angeles, to the Onni Group. Lincoln purchased the property in 2013 with a four-year business plan to redevelop and reposition the asset into a class-A creative office property, but was able to complete the plan and drive occupancy to nearly 95% in two years. While the details of the sale were not disclosed, industry sources unrelated to the deal have told GlobeSt.com that Onni purchased the property for $80 million.

“If you look at Downtown Los Angeles as a target, 800 Wilshire is the bull’s eye,” David Binswanger, senior EVP at Lincoln Property Co., tells GlobeSt.com. “We looked at it and said that this is a commodity class-B office building that has had out-of-town ownership; is in need from a refresh from a architectural perspective; and had dark retail in the ground floor. We put in an 800-Degrees Pizza, which activated the ground floor, and brought in a hotel architect to redo the office lobby and the common areas, which gave the property an intimate feel. We thought it was going to take four years to accomplish that business plan, but it took two years. Because of all of the market forces and because of what we did on the asset, it was time to sell. This was always going to be a transitional asset, and it was time to monetize.”

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