A joint venture between The Swig Company of San Francisco and Boston-based Intercontinental Real Estate Corporation has acquired 6300 Wilshire, one of the largest and most prominent office buildings located along the Miracle Mile in Los Angeles’ Westside. Terms of the transaction were not disclosed.
6300 Wilshire is a 22-story Class A office tower with approximately 408,000 square feet of high quality office space and parking for 950 cars in a six-level garage and nearby surface lot. The building is well-positioned to benefit from the resurgence of development activity occurring in the Miracle Mile and Fairfax Commercial Districts which include several new residential projects, the multi-million dollar renovation of the Peterson Automotive Museum, the new Academy of Motion Pictures Museum, and the extension of the Purple Line of the Los Angeles Metro System. The new owners are planning significant additional investment into the property to elevate the building’s position as a premier Westside office location.
“6300 Wilshire’s central location in close proximity to Beverly Hills, Hollywood and the resurgent Fairfax and West 3rd Street commercial corridors is a major attraction of this acquisition,” said Tomas Schoenberg, Executive Vice President of Investments for The Swig Company. “6300 Wilshire’s central location, awesome views, ample parking, large floor plates, and lower cost structure make it a very compelling business location for entertainment, media, advertising and other creative companies, as well as the firms servicing these users. Moreover, the planned expansion of the LA Metro will provide a critical public transportation link from 6300 Wilshire to the rest of the Los Angeles basin and will be a game-changer by improving the commute experience, an increasing factor in attracting and retaining employees.”
Intercontinental made the investment with The Swig Company on behalf of its latest managed fund, which has investments in more than 80 commercial assets nationwide. This is the second joint venture transaction Intercontinental has concluded with The Swig Company. Late last year, the two firms teamed to acquire Bristol 61, a creative office campus in Culver City.
“This acquisition represents a significant addition to our West Coast portfolio. We see tremendous opportunity for value creation in the Los Angeles basin and plan to continue our aggressive acquisition activity in the region,” said Jessica Levin, Director of Acquisitions for Intercontinental. “We are also excited to continue to build on our relationship with The Swig Company. Our two firms share similar views about the long-term prospects of the market and are very compatible in terms of the skills we each bring to our partnership,” she added.
Stephen Somer of Eastdil Secured brokered the transaction on behalf of the sellers, Legacy Partners. Tony Ratner of the law firm Farella Braun + Martel and Kendall Brook and Mark Warcup of the law firm Bradley & Associates P.C. represented the buyers in the transaction.
The CBRE leasing team of Joel Frank and Alex Bergeson will be retained to handle leasing on behalf of the new owners. Matthew Flotta, Regional Director of Asset Management for Intercontinental, will oversee the property on behalf of Intercontinental. Swig’s regional management team in Southern California, led by Senior Vice President Cory Kristoff, will handle day-to-day operations of the building.
