After decades of ownership, the Jamison Organization is placing a 70,760 square foot office building in Los Angeles up for sale. According to a listing for the property from Kidder Mathews, the property is on the market, with an asking price of $20.87 million, or about $295 per square foot.
Located at 4055 Wilshire Boulevard on nearly 1.5 acres, the property was initially built in 1955 and has received numerous renovations throughout 2019 to 2021, according to the offering document.
The listing also shows that the property is currently 56 percent occupied with multiple tenants. These include Masters Realty Group, N K Dance Studio, USA Business Finance and others.
The property is situated between Los Angeles’ Wilshire Park and Koreatown neighborhoods. Nearby are various commercial office and retail properties. The area is highly walkable and is also home to numerous multifamily and single family homes.
According to the company’s website, Jamison owns and manages a real estate portfolio of approximately 100 commercial and medical office and retail properties throughout Southern California.
The company has been active in the Los Angeles area for a long time. In December, the company also sold the site of a planned 149-room hotel at 124 E. Olympic Boulevard in downtown Los Angeles. The 0.3-acre site sold for $18 million.
Jamison‘s affiliate, Jamison Properties, is also responsible for a number of residential developments in the Koreatown and Wilshire Park neighborhoods. One property planned by the company in the area is a 120-unit apartment building at 975 Manhattan Place. The project will total 95,206 square feet and stand seven stories, according to The Registry’s previous reporting.