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BUSINESS NEWS LINCOLN PROPERTY COMPANY EXPANDS DOWNTOWN LA PRESENCE BY REACQUIRING OFFICE TOWER IT SOLD IN 2007 Lincoln Property Company has purchased 915 Wilshire, a 22-story office tower in the heart of downtown Los Angeles. The Class A office tower boasts a granite and glass exterior with beautiful views of downtown LA and easy accessibility to public transit and the 110 Freeway. The property is located in an exciting part of downtown LA that is experiencing significant investment. Rising across the street from 915 Wilshire is the 73-story Wilshire Grand Center, a $1 billion project that will be the tallest building west of the Mississippi. Lincoln plans to renovate 915 Wilshire by updating the ground floor lobby, upgrading the valet area, redesigning outdoor patio space, and replacing elevators and dated building systems. The building features column- free spaces and floor-to-ceiling windows – attractive to tenants who prefer offices with

plenty of natural light and open floor plans. Lincoln previously owned 915 Wilshire, selling it to Brickman Associates in 2007. Since the sale, Lincoln has stayed on as a property manager and leasing agent. The 390,312 square foot office tower was built in 1980, and last renovated under Lincoln’s ownership more than a decade ago. The building is 88 percent leased, with tenants from a wide range of industries, including engineering, finance, insurance, real estate, and media. Moving forward, Lincoln will seek to retain the current tenants while attracting new ones as office tenants from creative industries continue to flock to downtown LA. “Lincoln has a lot of history with this property, and we’re thrilled to bring it back into our portfolio once again,” said David Binswanger, executive vice president of Lincoln Property Company. “We really believe in downtown LA, and with this particular building, we were attracted to its potential for renovation. We

look forward to executing our vision to create a more modern, inviting space for current and future tenants of 915 Wilshire.” The acquisition comes on the heels of Lincoln’s recent renovation and sale of 800 Wilshire, a 16-story office building at the corner of Wilshire Boulevard and Flower Street, and sale of the Desmond, which Lincoln transformed into a fully-leased creative office building. The area around 915 Wilshire is becoming increasingly walkable, with many restaurants, retail, and transit options close by. The building is located within walking distance of the 7th Street Metro Center station, which is served by the light rail Blue and Expo Lines, heavy rail Red and Purple Lines, and the bus rapid transit Silver Line. The recently approved Los Angeles Streetcar will run nearby, from LA Live to the Civic Center along Figueroa and Broadway. Additionally, the building is easily accessible by drivers from both Wilshire Boulevard and the 110 Freeway.

3)Corporate culture. In our business, the greatest asset we have is our people. Westwood works hard to instill strong val- ues and create a positive work environment – as do the people and companies we seek. Whether through strategic hire or merging businesses, success in blending people and cultures is found when we engage early to discover each other’s per- sonalities and principles, and enable people to share their knowledge and leverage new expertise. Speed in transition of people, technologies, processes, and products is also vital along each step of the way – though fast is not always best. The rate of speed will vary depending on each circumstance and each step being taken. Working with Zweig Group, Westwood recently completed two strategic acquisitions. In December, we acquired Pogue Engineering & Development Inc. , out of Dallas- Fort Worth. And, in February, Kadleck & Associates Inc. , also out of DFW. I am happy to say that we are already experiencing success in leveraging each other’s expertise to expand our mutual opportunities. As we continue our growth plan, we look forward to the next opportunity. Even though there will always be things we can’t predict, we continue to learn and become better prepared for what lies ahead. PAUL GREENHAGEN is president and CEO of Westwood Professional Services. Contact him at paul.greenhagen@westwoodps.com. “Whether through strategic hire or merging businesses, success in blending people and cultures is found when we engage early to discover each other’s personalities and principles, and enable people to share their knowledge and leverage new expertise.”

PAUL GREENHAGEN, from page 11

by leveraging more talented and established resources to handle and increase workload. Our newly acquired team had the education, experience, relationships, and the unique expertise to expand our service offerings. It really didn’t matter much where they were located, they were the right people to have on staff! Better people. Better results. Our people are our greatest asset. Through our learning process, Westwood has become pretty good at focusing on our direction and doing our due diligence. Even still, there are going to be things that are tough to predict or plan for. Three biggies are market timing, market acceptance, and corporate culture. 1)Market timing. This is when all of the stars align and we can see opportunities clearly. Or so we think. Westwood has opened offices in locations where we felt certain of our suc- cess – only to have a shift in a market economy just after we were handed the keys to the front door. These situations are out of our control. The key to survival is having an exit strat- egy; knowing if, when, and how to act, rather than react. “There are going to be things that are tough to predict or plan for. Three biggies are market timing, market acceptance, and corporate culture.” 2)Market acceptance. Anyone will tell you that it is difficult to break into a new market, especially when there are highly respected and well-established firms already there. Acquisi- tions should greatly increase our odds of success, yet it can be difficult to foresee how newly acquired clients will respond to the transition. Due diligence to avoid any potential conflicts of interest and quickly demonstrating the advantages of the blended companies will help build acceptance and promote new client retention.

THE ZWEIG LETTER April 11, 2016, ISSUE 1147

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