Wilshire Bundy Plaza Sold to Investors for $55 Million

Brentwood-based real estate firm Lowe Enterprises bought Wilshire Bundy Plaza in Brentwood on Monday on behalf of institutional investors for $55 million.

The office tower at 12121 Wilshire Blvd. completed in 1984 includes about 285,000 square feet of space and is about 80% occupied.

Brokerage Madison Partners, one of Wilshire Bundy Plaza’s newest tenants, handled the transaction for seller Teachers Insurance & Annuity Assn., and will also take over leasing responsibilities at the property.

Teachers had been a mortgage lender on the building, but ended up taking title amid the real estate crash earlier in the decade. In addition to Madison Partners, tenants at the building include Structural Research, Coast Business Services and Douglas Emmett & Co.--another major real estate owner-operator.

The vacancy rate within Brentwood office buildings at midyear was 7.2%, a level considered healthy by historical standards, according to brokerage CB Richard Ellis. Average office rents in the district remain among the Los Angeles basin’s highest at more than $2.50 per square foot monthly.