1600 Wilshire Blvd. Los Angeles, CA OFFERING MEMORANDUM: Property For Sale DISCLAIMER This confidential Offering Memorandum (this “Memorandum”) is being its own independent investigations, projections and conclusions regarding the delivered subject to the terms of the Confidentiality Agreement personally or acquisition of the Property without reliance on this Memorandum or any other electronically signed by you (the “Confidentiality Agreement”) and constitutes Evaluation Material. Although additional Evaluation Material, which may include part of the Evaluation Material (as defined in the Confidentiality Agreement). It engineering, environmental or other reports, may be provided to qualified parties is being given to you for the sole purpose of evaluating the possible acquisition as the marketing progresses, prospective purchasers should seek advice from of 1600 Wilshire Boulevard, Los Angeles, CA (the “Property”), and is not to be their own attorneys, accountants, and engineering and environmental experts. used for any other purpose or made available to any other party without the Owner expressly reserves the right, at its sole discretion, to reject any offer to prior written consent of the “Owner” or Voit Real Estate Services (“Broker”). purchase the Property or to terminate any negotiations with any party at any This Memorandum was prepared by the Broker based on information supplied time with or without written notice. Owner shall have no legal commitment or by the Owner and the Broker. It contains selected information about the obligations to any prospective purchaser unless and until a written purchase Property and the real estate market but does not contain all the information and sale agreement has been fully executed, delivered and approved by necessary to evaluate the acquisition of the Property. The financial projections Owner and any conditions to Owner’s obligations therein have been satisfied contained herein (or in any other “Evaluation Material”, including any computer or waived. diskettes or files distributed to you via email from Broker accessible online Owner has retained Broker as its exclusive broker and will be responsible for any through Broker’s website) are for general reference only. They are based on commission due to Broker in connection with a sale of the Property pursuant to assumptions relating to the general economy and local market, among other a separate agreement. Broker is not authorized to make any representation or factors. Accordingly, actual results may vary materially from such projections. agreement on behalf of Owner. Each prospective purchaser will be responsible Various documents have been summarized herein to facilitate your review; for any claims for commissions by any other broker in connection with a sale these summaries are not intended to be a comprehensive statement of the of the Property if such claims arise from acts of such prospective purchaser or terms or a legal analysis of such documents. its broker. While the information contained in this Memorandum and any other Evaluation This Memorandum is the property of the Owner and Broker and may be Material is believed to be reliable, neither Broker nor Owner guarantees its used only by parties approved by the Owner and Broker. No portion of this accuracy or completeness. Because of the foregoing and since the Property Memorandum may be copied or otherwise reproduced or disclosed to anyone will be sold on an “As-Is, Where-Is” basis, a prospective purchaser must make except as permitted under the Confidentiality Agreement. EXCLUSIVELY OFFERED BY: STAN KWAK COLIN CARTER Vice President Associate 2400 E. Katella Avenue, Suite 750 Lic #01824776 Lic #02012584 Anaheim, CA 92806 714.935.2327 714.935.2303 714.978.7880 • 714.978.9431 Fax [email protected] [email protected] WWW.VOITCO.COM Licensed as Real Estate Salespersons by the CA Bur of Real Estate. ©2017 Voit Real Estate Services, Inc. All Rights Reserved. License # 01991785. TABLE OF CONTENTS EXECUTIVE PROJECT PROPERTY MARKET AREA SUMMARY 4 OVERVIEW 7 DESCRIPTION 12 OVERVIEW17 OVERVIEW 20 DEMOGRAPHICS 23 RENT ROLL 28 EXECUTIVE SUMMARY EXECUTIVE SUMMARY Voit Real Estate Services is pleased to offer for sale the fee simple ownership of an approximately 26,820 sf freestanding low-rise office/retail building. Property is centrally located near Downtown Los Angeles and Koreatown, two of the hottest areas in Los Angeles County. Frontage on Wilshire Boulevard, one of the busiest thoroughfares of Los Angeles, provides excellent street frontage with a total traffic count of more than 18,614 cars daily (Costar 2015). 1600 Wilshire is located just west of Downtown Los Angeles in the Westlake district minutes from Staples Center, L.A. Live and the Los Angeles Convention Center. The Central Los Angeles office market is strong for owners as lease rates continue to rise and vacancy continues to fall. The project also offers immediate access to three major freeways including the Harbor (110), Santa Monica (10) and Hollywood (101) Freeways as well as convenient access to the Westlake/MacArthur Park Metro Station and Los Angeles International Airport. 5 PROPERTY OVERVIEW PROPERTY OVERVIEW • Excellent opportunity for Owner/User to occupy entire second and third floors. • The project has undergone extensive interior renovations including new restrooms on the second and third floors. • Diverse mix of office and retail use. • Desirable on-site parking. • Located directly on Wilshire Boulevard, which provides excellent signage, street identity, vehicle circulation and access to many restaurants and retail. 7 Utility/ Power 720 SF Ste 140 250 SF Suite 130 & 150 Parking 500 SF 6,090 SF Suite 120 RR 410 SF RR Suite 100 Suite 110 1,250 SF 1,200 SF FLOOR PLAN - 1ST FLOOR 8 Suite 210D Suite 210C Suite 210B Suite 210E 140 SF 155 SF 155 SF 300 SF Suite 200B Suite 200A 520 SF 680 SF Ste 210A 100 SF Ste 220 550 SF Suite 205 233 SF Suite 230 800 SF Suite 260 750 SF Roof Deck 3,776 SF Ste 240 720 SF Suite 250 1,216 SF FLOOR PLAN - 2ND FLOOR 9 Suite 310 798 SF Suite 320 757 SF Suite 330 1,093 SF Suite 300 Suite 300 306 SF RR RR 154 SF Suite 340 Suite 350 715 SF 521 SF Suite 300 1,787 SF Suite 300 946 SF Suite 300 1,350 SF Suite 300 1,250 SF FLOOR PLAN - 3RD FLOOR 10 1600 Wilshire Blvd. AERIAL 11 PROPERTY DESCRIPTION PROPERTY DESCRIPTION The project features office/retail consisting of three (3) stories and 20 units with flexible sizes ranging from 410 to 3,240 square feet and a 2:1 parking ratio. Address: 1600 Wilshire Boulevard, Los Angeles, CA 90017 Total Building Area: Approximately 26,830 SF Parcel Size: Approximately 0.28 Acres for entire project Year Built: 1962 Total Units: 20 units, including office and retail Zoning: C4-2 (Commercial) Parking Ratio: 2:1,000 Assessor Parcel #: 5142-012-024 Unit Size Range: 410 SF to 3,240 SF 13 MARKET OVERVIEW MARKET OVERVIEW LOS ANGELES 1600 Wilshire consists of a three (3) story, elevator serviced office/retail building located in the Central Los Angeles submarket of Westlake. Presently, the property is in good condition with no apparent deferred maintenance relating to improvements or common areas. Built in 1962, the subject consists of an approximately 26,830 SF, 3-story elevator served office building. The first floor offers ±3,610 SF of retail/office space with ±6,090 SF of parking. The second floor offers ±6,319 SF of office space (with a ±3,776 SF roof deck) and the third offers ±9,677 SF. All three floors are easily divisible to multiple tenants. 1600 Wilshire is located in the residential and commercial neighborhood of Westlake in Central Los Angeles. The project is centrally located at the epicenter of Los Angeles, only 1.2 miles from Staples Center/L.A. Live and 2.6 miles from historic Dodger Stadium. Westlake sits on the outskirts of Koreatown to the West and the downtown financial district to the East. With over 120,000 residents in the 2.72-square-mile neighborhood, Westlake boasts the second-highest density of any community in Los Angeles County, after Koreatown. Current office inventory in Central Los Angeles is approximately 14,139,700 SF while the entire Greater LA market has 303,594,000 SF for buildings 25,000 SF or larger. Net absorption for the Greater LA office market remains positive for the 11th straight quarter at 3,534,000 SF for 2016. The average asking leasing rate is $2.65 per sf in Central Los Angeles. Current office construction in Central LA is at 610,400 SF while Greater LA has 5,416,400 SF currently under construction. With 35.8 million square feet, amounting to 18.1% of the total metro inventory, the Downtown submarket is the largest of the twenty-one distinct geographic concentrations that form the Los Angeles office market. Total employment in the Los Angeles metropolitan area increased by 14,100 jobs during the 4th quarter of 2016, while in the dominant office-using industries, employment grew by 7,300. Rental rates in this market have consistently increased for the 12th consecutive quarter with a 6% annual rent growth for the past three years. 15 LOS ANGELES OFFICE OFFICESUBMARKET SUBMARKET SNAPSHOT SNAPSHOT Los Angeles – Located on the southern coast of California, Los # of Buildings 17,631 Vacancy & Availability Rates Angeles County covers 4,084 square miles and includes San LOSPercent ANGELES - ALL SIZES Clemente and Santa Catalina islands. The county is comprised of Market Size (Sq. Ft) 430,872,703 16.0% Located 14.93%on the14.76% southern coast of California, Los Angeles 14.52% 14.50% The city’s expansive metropolitan area is the second-largest 14.59% 14.26% approximately 88 vibrant and diverse cities hosting more than Vacancy Rate 10.61% 15.0% 14.01% County covers 4,084 square miles and includes San 13.85% 13.77% inthe country, with over 18 million people spread over a 244,000 business establishments—the highest concentration in SF Vacant 45,701,995 Clemente14.0% and Santa Catalina islands.