Commercial Scene : City Center Group Buys Third Wilshire Building
The City Center Group of Cos. has bought a 145,000-square-foot office building at 6380 Wilshire Blvd. from Columbia Savings & Loan.
An industry source valued the deal for the 17-story building at about $18 million. City Center, a Los Angeles-based real estate investment and development firm, plans to complete a previously launched remodeling of the building. The job includes the removal of asbestos and installation of sprinkler systems.
It is the third purchase City Center has made in the Mid-Wilshire District in the last five months and pushes its total holdings along Wilshire Boulevard to 700,000 square feet. The company bought the former Orbach’s building at 6060 Wilshire in a deal announced last January, and also acquired the Getty Oil Co. building--since renamed City Center House--at 3810 Wilshire last November.
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