For a reported $20 million in cash, The Lionstone Group has sold its Art Deco office building at 613 Wilshire Blvd. to real estate investment firm Pacshore Partners.
It is the second Santa Monica building purchased in a $20 million-cash deal this year by investor Philip Orosco and his Los Angeles-based real estate firm. In a statement, Pacshore said it previously acquired a 60,000-square-foot office building from Verizon at 1314 7th St. in a deal valued at the same price.
The four-story, a 38,000 square-foot office building on Wilshire Boulevard will undergo a multi-million dollar renovation, according to Tom Majich of Industry LTD, which is overseeing the construction.
In addition to making exterior improvements, the new owners said in a statement they are in discussions with local restaurant operators and plan to convert a third floor recreation room into creative office space with private roof decks facing Reed Park.
The building was 55 percent leased at the time of sale, a Pacshore representative said. Tenants include digital production and design studio Big Block and global IT firm EMC Corp.