A Wilshire Boulevard office building erected by one of Los Angeles’ oldest real estate companies has been sold to a Beverly Hills investment fund in an off-market transaction.
The eight-story building just west of downtown at 1200 Wilshire was built 44 years ago to house the Charles Dunn Co., a commercial real estate firm established in 1921. The property, situated on an acre of land across Wilshire from Good Samaritan Hospital, has 92,000 square feet of rentable space.
Terms of the sale were not disclosed, but real estate experts familiar with the downtown office market valued the deal at about $20 million.
The building was purchased by Sharp Capital, a family investment fund that owns several office, retail and industrial properties in the area.
“This property fits into our growing portfolio of central Los Angeles properties,” said David J. Shophet, a principal at Sharp Capital.
The sale was announced by Joseph C. Dunn, who developed the building with his late brother, Richard C. Dunn, in 1971. The Dunn brothers retained their property holdings, including 1200 Wilshire, when they sold the Charles Dunn Co. in 1995.
Tenants in the building, which is 95% leased, include Wells Fargo Bank, Amanecer Community Counseling Services and Conway Real Estate Services.