-A sample Shorenstein property – photo courtesy of www.shorenstein.com
60-story urban high-rise sits in downtown LA’s resurgent downtown core
Shorenstein Properties LLC, a private real estate investment firm and fund sponsor engaged in the ownership of high quality office and mixed-use properties nationwide, recently confirmed the purchase of 707 Wilshire, a 1.1 million square foot commercial office tower on the southern edge of LA’s financial district; it is currently 59 percent leased. Terms of the purchase, which was concluded with an affiliate of Beacon Capital Partners LLC and which includes an adjacent parking structure at 637 Wilshire, were not disclosed.
Shorenstein made the acquisition on behalf of its tenth real estate investment fund, formed in 2010 with $1.23 billion in committed capital from Shorenstein and its investors.
About Shorenstein Properties LLC: Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York. Starting in 1992, Shorenstein has sponsored ten closed-end investment funds with total equity commitments of $6.7 billion, of which Shorenstein committed $573.5 million. Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 55.7 million square feet in transactions with a gross investment value in excess of $13.2 billion.