One Wilshire Tower in Los Angeles Sells For $550 Million

One Wilshire Tower in Los Angeles Sells For $550 Million

An office tower in Los Angeles has sold for over half a billion dollars. Adding fuel to the growing momentum in the Southern California Real Estate Market. An affiliate of a Menlo Park investment group has agreed to buy One Wilshire, one of the most high-profile office towers in Los Angeles, as well as a trio of El Segundo office buildings in a $550 million deal. GI Partners, a private-equity investment manager, is picking up the portfolio from Hines. There will be a luxury open house for buyers of the property.

Hines is the real estate investment trust, according to a purchase and sale agreement filed May 14. Commercial real estate blogger Jay Rickey was first to report the deal on Thursday. An affiliate of GI Partners, GI TC One Wilshire LLC will pay $437.5 million for the trophy office tower at 624 S. Grand Ave., which is commonly known as One Wilshire for the huge letters at the building's top. The 30-story building, completed in 1966, totals a staggering 664,248 square feet and was designed by Skidmore, Owings & Merrill. Hines picked up the building in 2007 for $287 million. GI Partners has also agreed to pick up 2200, 2222 and 2230 East Imperial Highway in El Segundo for $112.5 million. The deal is slated to close June 24, and no later than Sept. 30



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