Onni Pays Nearly $80M for Downtown LA Office
Vancouver developer Onni Group has shelled out about $79.5M for 800 Wilshire, a 221k SF office in Downtown LA’s Financial District. The $360/SF purchase price was $10/SF above what seller Lincoln Property Co was asking. Lincoln and capital partner Angelo Gordon & Co paid $48.2M, or $218/SF, for the property in 2013.
Over the last two years, the building was renovated and converted to creative space, and is now 95% leased. Onni owns six other properties in the Downtown market, as well as three vacant lots, where residential and mixed-used projects are planned, including a $200M, 33-story residential tower at 888 S Olive in South Park. [LABJ]