Wilshire deal.

A prominent Wilshire Boulevard landlord has purchased another office building on the well-traveled thoroughfare.

Jamison Properties Inc., the Los Angeles company operated by Korean real estate investor David Lee, has paid $39.2 million for the 10-story office tower at the northeast corner of Highland Avenue and Wilshire Boulevard.

The off-market deal with seller Copperfield Investment & Development Co. closed at the end of June.

The 168,680-square-foot building is located at 4929 Wilshire Blvd. in the Park Mile area and is about 98 percent leased. Lee's company owns nearly every high-rise office building on Wilshire Boulevard, from downtown to Western Avenue.

"This is a connector property that connects the Miracle Mile to his mid-Wilshire properties," said T.C. Macker of Coldwell Banker Commercial Westmac, who represented both sides of the deal.

The deal breaks down to about $232 per square foot. The average rental rate in the building is about $1.70 per square foot per month and now the asking rental rate is around $2.

Tenants include a variety of professional firms, such as law offices and financial advisers.

"You draw tenants that live in the immediate area. The location is very convenient for people who live in Hancock Park and Hollywood," Macker said. "These days wherever you live you don't want to travel a lot to work because of traffic concerns. (The property) is well positioned for future growth."

The 1973 building was in escrow for 11 months as Copperfield sold the building on a 1031 tax deferred exchange basis and worked over that period to identify another building to purchase. The company has yet to purchase another property.

David Thind and Patrick Sheekey of Coldwell Banker Commercial Westmac also represented both sides of the deal.

Staff reporter Daniel Miller can be reached at [e-mail] or [phone], ext. 263.