$12M Buy Being Groomed for Redevelopment

LOS ANGELES-A Los Angeles-based investment and development firm named Accord/WIL Members LLC plans to convert a 55,000-sf office building at 3670 Wilshire Blvd. to a combination of office, retail and apartments after buying the property from Great American Insurance Co. of Cincinnati for $12 million.

Ed McKeegan of MEI Real Estate Services in Century City tells GlobeSt.com that the new owners have substantial experience in redevelopment. Their local projects include the Hollywood News Building in Hollywood, the Old Pasadena Courtyard by Marriott in Pasadena and the Beverly Hills Residence Inn by Marriott.

McKeegan and Dennis Dillon, also of MEI in Century City, represented seller Great American Insurance Co. Accord/WIL Members LLC represented by the NAE-IL Corp. in Koreatown.

The 3670 Wilshire Building was constructed in 1954. The 85%-occupied property is already zoned to accommodate additional development, including apartments or condominiums, as well as a parking structure.