One Wilshire.

One Wilshire, a telecom and office building located in downtown Los Angeles, has been put on the market by the Carlyle Group, the Washington, D.C.-based private equity behemoth.

The 650,000-square-foot building, located at 624 S. Grand Ave.--at the terminus of Wilshire Boulevard, hence the name--is expected to fetch more than $300 million, according to Bob Safai, the Madison Partners principal with the listing.

Nearly 60 percent of the building houses telecom switching stations for companies that include MCI Inc. and Nextel Communications Inc. The other 40 percent is mostly occupied by law firms.

A quarter of the building is tied up in leases with seven to 10 years remaining, Safai said. Last May, Carlyle renewed law firm Musick Peeler & Garrett LLP to a 14-year lease for 106,475 square feet worth $36 million. The building has a net operating income--the amount of cash the building throws off annually--of $21.5 million.

Since the dot-bomb, other telecom buildings downtown have been sold for far below market value and are being converted back into office space. But One Wilshire has blue-chip tenants and the building stands to gain from fewer telecom buildings in the market, Safai said.

All bids for the building will be due 'by the end of June, Safai said.

Staff reporter Andy Fixmer can be reached by phone at [phone], ext. 263, or by e-mail at [e-mail].