Buyer: KOR Realty Group

Seller: 1800 Wilshire Properties, LLC

Representation: 60,000 RSF

Sale Price: $22,900,000

Close Date: December 2006

Submarket: Downtown Los Angeles

Comments:

• Original plan was to identify a residential developer as buyer, however, within one week of listing for sale, a corporate user was identified
• The KOR Group, who needed to use 40,000 SF for their HQ, were in a 1031 exchange and liked the site for future residential development
• Buyer paid the over anticipated price from that of a residential buyer and closed the deal successfully
• Sale included a 16,000 SF 2-story adjacent building