10/2/2008

Somerset pays $45M for Miracle Mile office building

by
New York City-based The Somerset Group has purchased a multi-tenant office building in Los Angeles' Miracle Mile for $45.1 million from San Antonio, Texas-based USAA Real Estate Co.

The deal was negotiated by Fred Cordova, Nathan Pellow and Michael Soto of Colliers International.

The nine-story, Class A office building is located at 5055 Wilshire Blvd. It contains 170,000 square feet and was built in 1948 with a complete renovation in 1990. Somerset has tapped Transwestern to be its managing partner for the property.

"The Miracle Mile is a prestigious area for ownership," Pellow said. "It is a strong submarket and both A and B properties are experiencing high demand and low vacancy rates."

Address: 5055 Wilshire Blvd., Los Angeles, Calif.

Size: 170,000 square feet

Built: 1948

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Filed Under: Office

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