Legacy turns quick profit on downtown office tower.AFTER purchasing a 16-story office building at 600 Wilshire Blvd. two years ago for $44 million and raising occupancy levels. Legacy Partners Inc. has turned a handsome profit. Legacy has sold the building to an affiliate of Beacon Capital Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control for about $67 million, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. sources with knowledge of the downtown market. Real estate industry professionals say that the deal is a reflection of investors' confidence in the area's office market, and is not out of line with expectations for the area. The deal breaks down to about $220 per square foot. Legacy, which specializes in the development, management and acquisition of commercial and residential properties, had purchased the building for about $150 per square foot. "I think it's a reflection on the capital markets that offices are the stuff to invest in," said Rich Mayo, a broker with O'Donnell/Atkins Co. "Two years ago $150 a foot was a pretty good buy, but I don't think ($220) is an outrageous price." The sale includes a two-story retail annex an·nex tr.v. an·nexed, an·nex·ing, an·nex·es 1. To append or attach, especially to a larger or more significant thing. 2. and an adjacent three-story building for a total of 311,000 square feet. "We were thrilled with the results of the sale and the profit that we made in a relatively short period of time," said Scott Word, senior vice president of acquisitions and development for Legacy, based in Foster City. During the short time that Legacy owned the building, it did some minor cosmetic upgrades and the company leased 50,000 square feet of space. It is currently 78 percent occupied and tenants include Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. and the Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and . The building had been extensively renovated in 2003 by AEW AEW Airborne Early Warning AEW Air Expeditionary Wing AEW Airborne Electronic Warfare AEW Agr' Eau' Wat (Canadian agricultural consultant) AEW Amckerns Explosion Wars (Half Life community) Capital Management LP, which sold it to Legacy in fall 2004 when it was only half occupied, "Downtown is going through a renaissance and you are starting to see that in the Class A minus realm." said David Doupe, managing director at Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. Inc., who represented Legacy. "This building is a very good barometer of how the market is starting to turn." Lawrence Krasner and Cheri Pierce also represented Legacy. Beacon represented itself in-house. |
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