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Santa Monica Office Building Sells for $20M Cash

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.

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John Thomas February 08, 2013 at 07:28 PM
The Art Deco Society of Los Angeles would be very interested in speaking to the new owners and/or contractor regarding the proposed exterior/interior work noted in this article. This building is a wonderful example of the zig zag moderne art deco style and modifications could impact the character defining architectural features. You can email me at ADSLA.org Thank you. John Thomas President Art Deco Society of Los Angeles
John Thomas February 08, 2013 at 10:31 PM
Update: after further research, it appears that the facade of the building is actually a mid 1990's alteration to a late 1950's building. John

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