Multinational real estate firm Lincoln Property Company has collaborated with affiliates of Rockwood Capital to buy a 22-story office tower in downtown Los Angeles, US.
The building, called 915 Wilshire, features column-free spaces and floor-to-ceiling windows that make room for ample natural light and open floor spaces, was owned by Lincoln before selling it to Brickman Associates in 2007.
Following the sale, Lincoln has been serving as a property manager and leasing agent for the building.
Equipped with granite and glass exterior, the building has easy accessibility to public transport and the 110 Freeway and is situated close to a $1bn 73-story project, called Wilshire Grand Center, which will be the tallest building west of the Mississippi river.
Lincoln now intends to upgrade the 915 Wilshire building. As part of this, the ground floor lobby, the valet area and outdoor patio space will be upgraded.
The renovation project will also see elevators and building systems being replaced.
Built in 1980, the 390,312ft² office tower is currently 88% leased to tenants belonging to several industries, such as engineering, finance, insurance, real estate, and media.
Following the purchase, Lincoln expects to retain the existing tenants and invite new ones as office tenants.
Lincoln Property Company executive vice-president David Binswanger said: "Lincoln has a lot of history with this property, and we're thrilled to bring it back into our portfolio once again."
"We really believe in downtown LA, and with this particular building, we were attracted to its potential for renovation.
"We look forward to executing our vision to create a more modern, inviting space for current and future tenants of 915 Wilshire."
Lincoln Property Company senior vice-president Rob Kane said: "We believe the planned renovations for 915 Wilshire will make the property even more desirable for tenants, especially job-creating companies in the technology and creative sectors."
Recently, the company finalised the project overview of Cooper Street Apartments, a rental housing development project in Waltham, Massachusetts, US, with Daiwa House.