A two-story office building at 6423-6427 Wilshire Blvd. and an adjacent parking lot near Beverly Grove have sold for $12 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 Boulevard between La Jolla Avenue and San Vicente Boulevard.
Kennedy Wilson Brokerage Executive Vice President Lee Shapiro and Associate Jaysen Chiaramonte represented the seller, 6423 Wilshire Boulevard LLC, in the transaction.
The property, which was built in 1947, is located in the Carthay Circle neighborhood. The building sits adjacent to NMS La Jolla, a 15-story, 112-unit luxury apartment tower nearing completion, and is surrounded by additional development.
According to Shapiro, the property attracted many interested parties as well as four offers in the first week that the building was marketed.
“This asset was particularly desirable while on-market given its prime location and the flexibility it offers a potential buyer,” Shapiro said in a statement. “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 canceled 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,” Chiaramonte said in a statement. “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.”