Kennedy Wilson Brokerage, a division of Kennedy-Wilson Properties, Ltd., recently facilitated the sale of 6423-6427 Wilshire Blvd., a two-story office building and adjacent parking lot, for $11.95 million. The 16,724 square-foot building on 0.44 acres was purchased by 6425 Wilshire Blvd LLC, an individual investor, as one of the last developable properties on Wilshire Blvd. between La Jolla Ave. and San Vicente Blvd. Lee Shapiro, Executive Vice President, and Jaysen Chiaramonte, Associate, represented the seller, 6423 Wilshire Boulevard, LLC, in the transaction.
“This asset was particularly desirable while on market given its prime location and the flexibility it offers a potential buyer. We received four offers in the first week we marketed it,” said Shapiro. “With a sizeable parking lot and the long-term office tenant gone, new ownership can either re-tenant the building at market rates or redevelop the property.”
Shapiro and Chiaramonte initially negotiated a purchase contract with an experienced developer who ultimately cancelled escrow. However, given the high-profile location adjacent to Beverly Hills and scarcity of developable land in the area, the property had drawn considerable interest from additional parties and a back-up buyer was selected immediately to ensure a year-end close.
“We were thrown a curveball late in the year, but worked overtime to ensure our client met their goal of a year-end sale,” said Chiaramonte. “We prepared a qualified back-up buyer who understood the true value of the property and delivered on strong terms with a short close. Everyone walked away happy.”
Built in 1947, the property is located in the Carthay Circle neighborhood of Los Angeles between Crescent Heights and San Vicente Blvds. The building sits adjacent to NMS La Jolla, a 15-story, 112-unit luxury apartment tower nearing completion and is surrounded by additional development.