PRP acquired these two assets — just a block off Wilshire and within the Miracle Mile submarket — from a distressed seller in 2014 at a significant discount to replacement cost. The property is located near Cedar Sinai Medical Institute and in walking distance of many amenities. One of the buildings was repositioned to serve as medical office space, capitalizing on high demand from medical tenants in the submarket. After PRP implemented a targeted capital improvement campaign to upgrade common areas and base buildings, the asset was sold to a major REIT in 2014, far exceeding the initial projected underwritten returns.