Wilshire Center Real Estate News (2011-2012)
3303/ Wilshire Blvd – United Teachers Los Angeles is a Class A Office Building located on the corner of Wilshire and Berendo. The building was built in 1972 and renovated in 1993. UTLA is the current Landlord and Morlin Asset Management, L.P. provides managing and leasing services for the building. As part of an effort on-going “Green” last year the building performed a lighting retro-fit and is currently upgrading the elevators with other possible projects in the works. In addition, last year UTLA welcomed Elite to their building with a 6-year lease term at 7,656 square feet. Currently, the building has one vacancy available on the 12th floor at 7,393 square feet with window views of Wilshire Boulevard.
United Teachers Los Angeles has rooms available for meetings, conferences and seminars. Reduced rates for UTLA members and attractively competitive rates for non-members. Consider the UTLA building for your next meeting. Rooms are available Monday through Saturday from 8:00 a.m. until 7:00 p.m., excluding Wednesdays. For rental agreement and fee schedule, please contact Evangela (Evy) Vaughn at (213) 637-5148 or firstname.lastname@example.org
A new owner purchased the Wilshire Hotel, located at the corner of Wilshire Blvd. and Normandie Ave., in August 2011. It resolved all of the previous owner’s issues with respect to back taxes and union relations. Consequently, the service union has called off its boycott, and people are welcome again to the hotel’s restaurant, guest rooms, and banquet halls. The hotel will be updating its look.
The J.h Snyder Co Vermont project at the NW corner of Wilshire and Vermont continues to move forward. They have successfully closed both the construction and mezzanine loans on December 22nd of last year, and continue to remain in compliance with the Owner Participation Agreement (“OPA”) in place, which is a current and Enforceable Obligation of the Community Redevelopment Agency. As part of the OPA, they have agreed to form a community advisory board for purposes of providing input into the design of the public open space component of the development project. Mike Russell is to be a member of the board.
Wilshire Center Real Estate Activity (2010)
Los Angeles, CA -- Jamison Properties made several significant purchases in Wilshire Center last year. The Wilshire Serrano Building at 3699 Wilshire was purchased for $24 million or approximately $80 per square foot. 520 South Lafayette was purchased for $4.5 million or approximately $41 per square foot. Jamison Properties also purchased the Wilshire Professional Building, at 3875 Wilshire Blvd. for $4.5 million. The Los Angeles County Department of Health Services signed a 70,000 square foot 10-year lease at Metroplex Wilshire, 3530 Wilshire Blvd. At the Albion Pacific Building, 3350 Wilshire Blvd., Multi-Cultural Marketing expanded by 17,500 square feet. Paramount Plaza signed several new commercial and retail leases CAN-AM Productions and Close-Up signed for 11,000 square feet; PeopleLink, moving from Santa Monica, leased 7,000 square feet; Jacobson & Associates signed for 3,600 square feet and Weboctave signed for 5,100 square feet. Wireless Mart, Monarch Men's Clothing and Saehan Bank, all leased ground floor retail at the building. Saehan Bank also leased 12,500 of office space at Paramount.
Businesses Migrate to Wilshire Center - Continued Growth in New Leases (2009)
Wilshire Center continues to increase office and retail leasing activity in early 2009 as education and non-profit organizations, attracted by the competitive leasing rates, labor pool, public transportation and fiber-optic access continue the migration to Wilshire Center.
AIDS Project Los Angeles is located ast Paramount Plaza, 3550 Wilshire Blvd. and a they have a Client Services Office at 611 S. Kingsley Drive.
Retail activity is also on the rise in Wilshire Center. Walgreen's has purchased a corner lot at 6th and Vermont and is now open for business. Sav-on also purchased property at Wilshire and Oxford and has been open since January 2001. The Aroma Sports Complex has leased ground floor retail space to Starbucks and to Charles Schwabb.
Central Plaza, 3440 - 3470 Wilshire Blvd., has two great restaurants on the ground floor retail plaza, Wasabi (Noodle House), O Mama Mia (Italian Restaurant). Softect Solutions signed a 7-year lease for 11,000 square feet at ACF Plaza, 3325 Wilshire, for approximately $1 million. Big 5 Sporting Goods expanded from 5,000 square feet to 17,000 square feet at 3424 Wilshire. Kaiser Permanante leased 27,000 square feet at the Wilshire Serrano Building at 3699 Wilshire Blvd. In addition, several new restaurants opened in Wilshire Center. Aroma Wilshire Center's two dining facilities, L'Aroma, the rooftop gourmet French restaurant and banquet facility, and the casual international food court, both opened this month