01.23.2018

Lincoln Agrees To Sell Offices in Downtown and Burbank for $325M

The Real Deal, January 23, 2018

A week after inking a deal with Apple in Culver City, Lincoln Property Company has agreed to sell two separate office properties in Downtown and Burbank for a combined $325 million.

Cerberus Capital has agreed to buy the 476,000-square-foot Wedbush Center at 1000 Wilshire Boulevard in Downtown for $200 million. Intercontinental Real Estate has agreed to buy the 338,000-square-foot Connexion Burbank complex for $125 million, according to Real Estate Alert.

Lincoln has held the two properties since 2012. The company controls the Wedbush Center for an outside client that bought it for $132 million and invested $5 million into improvements. That included renovating the lobby and adding a restaurant. It is 86 percent leased.

Lincoln Property has expanded considerably in region over the last decade, and continues to build out its West Coast presence.

Lincoln bought the three buildings that now make up the Connexion complex in partnership with Angelo, Gordon & Co. for $84.2 million. It spent $7.7 million to turn it into an integrated “walkable campus,” which is now 91 percent leased.

Lincoln’s deal with Apple last week will see the tech giant take over the entirety of a 128,000-square-foot mixed-use building Lincoln is developing at 8777 Washington Boulevard. Along with office space, the building will include 4,500 square feet of ground-floor retail.

By Dennis Lynch