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COMMERCIAL REAL ESTATE

Client of Lowe Enterprises Buys West Wilshire Center

May 30, 2000|BRAD BERTON

An institutional investor advised by real estate giant Lowe Enterprises' investment management group has acquired the West Wilshire Center commercial complex just a few blocks from Lowe's Brentwood headquarters.

Lowe Senior Vice President Rick Newman declined to specify the price paid for the approximately 250,000-square-foot, two-building complex or to identify the pension fund client who bought the property last week.

But Westside real estate observers estimated that the property sold for nearly $45 million, about $180 per square foot.

The property Lowe secured from New York-based real estate investment trust Cornerstone Properties Inc. includes the 11-story office tower at 11620 Wilshire Blvd. and the adjacent medical office building at 11600 Wilshire.

Cushman & Wakefield Inc.'s Steve Algermissen negotiated the sale on Cornerstone's behalf. Bob Safai of Madison Partners represented Lowe Enterprises Investment Management.

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