Lincoln Property Company Expands Presence in Downtown Los Angeles with New Office Tower Acquisition

  Lincoln Property Company Expands Presence in Downtown Los Angeles with New
  Office Tower Acquisition

Business Wire

LOS ANGELES -- June 10, 2013

Lincoln Property Company has partnered with Angelo, Gordon & Co. to purchase
800 Wilshire, a 16-story office building at the corner of Wilshire Boulevard
and Flower Street.

The 220,757 square-foot tower in the Financial District was constructed in
1972 and most recently renovated in 2004. The building includes three levels
of subterranean parking as well as ground-floor retail space that will soon
feature a brand new restaurant. Over the next several months, Lincoln plans to
update 800 Wilshire’s main lobby, with a focus on enhanced lighting and new
finishes, among other improvements.

Tenants at 800 Wilshire reflect a wide range of industries, including law
practices, engineering firms, and construction companies. Moving forward,
Lincoln will focus on attracting new tenants for the building’s particularly
unique, available spaces on the 2^nd and 16^th floors, which feature high
ceilings, open layouts and outdoor balconies offering sweeping views of the
downtown skyline on the top penthouse level.

“We are thrilled to invest in 800 Wilshire and to be playing a part of the
renaissance taking place in Downtown Los Angeles,” said David Binswanger,
Executive Vice President at Lincoln Property Company. “This building has a
long history of institutional ownership and loyal tenancy, but we were
particularly attracted to the unique character of 800 Wilshire’s currently
vacant space, which we think will appeal to the growing contingent of creative
and technology-driven tenants Downtown.”

The acquisition comes on the heels of Lincoln’s recent purchase of The
Desmond, a former department store warehouse that is being transformed into a
creative office and retail space in downtown’s South Park District.

800 Wilshire is strategically located in the heart of Downtown’s financial
core, in close proximity to Staples Center and L.A. Live, Bunker Hill, the new
and continually expanding “restaurant row” on 7^th Street, and to new
apartment developments in the historic core, South Park and City West. 800
Wilshire also has direct access to a robust transportation network including
the Harbor and Santa Monica freeways, the Metro rail system and the Downtown
Dash Bus. Once completed, the proposed Downtown Streetcar service will have a
stop within a short walk of 800 Wilshire.

“We believe this is the right time to be investing in Downtown Los Angeles,
which is becoming an increasingly dynamic market,” said Rob Kane, Vice
President at Lincoln Property Company. “800 Wilshire is uniquely positioned in
the heart of the financial district, just blocks away from public
transportation, new restaurants, retail, and entertainment venues, as well as
a rapidly growing residential base.”

Michael Zietsman and Patrick Inglis of Jones Lang LaSalle brokered the
transaction.

About Lincoln Property Company

Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a
privately-owned real estate firm involved in real estate investment,
development, property management and leasing worldwide. Lincoln has offices in
all major markets of the U.S. and throughout Europe. Lincoln’s cumulative
development efforts have produced over 100 million square feet of commercial
space and over 185,000 multifamily residential units. Lincoln Property Company
is one of the largest commercial real estate companies in the world. Visit
www.lpcsocal.com for more information.

Contact:

for Lincoln Property Company
Emily Heidt, (310) 974-6682
 
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