In December, a Downtown L.A. tower branded One Wilshire scored a lot of new cash.
GI Partners and the California Public Employees’ Retirement System, the owners of the 661,000-square-foot tower, got a $389.25 million refinancing package from Goldman Sachs for the property, located at the corner of Wilshire Boulevard and Grand Avenue.
Most of that loan was used to buy out $198 million worth of equity in the project and refinance $180 million in existing debt. The interest-only loan will mature in 2032, according to documents from DBRS Morningstar related to the tower’s refinancing.
GI Partners also has a relatively small stake in the property. Most of it belongs to CalPERS through a venture called TechCore. Though GI Partners is the manager of the venture, CalPERS holds a 99.5 percent interest in the entity.
The documents also shed light on how much tenants are paying for office space, as well as data center space in Downtown L.A. — an area of Los Angeles that has continued to see high vacancy rates during the pandemic.
About 75 percent of the building is data center and colocation space, with the rest office, retail and storage space.
CoreSite, a subsidiary of communications infrastructure REIT American Tower, is the largest tenant at the property, taking up about 177,000 square feet at the building. The company previously owned One Wilshire and leased back the building when it sold it in 2007. CoreSite’s current lease expires in 2029.
The company pays $88 per square foot a year — about 37 percent of the building’s total rent income.
Musick Peeler, a law firm that occupies about 106,000 square feet at the property, pays $28 per square foot in rent, suggesting offices without data center space cost significantly less at the building.
Here’s what rents look like for Verizon and law firm Crowell, Weedon, along with other tenants at One Wilshire.
The post Here’s how much tenants are paying at One Wilshire in DTLA appeared first on The Real Deal Los Angeles.
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