A Van Nuys internist from South Korea, Dr. David Lee, began buying up office buildings on Wilshire Boulevard at distress prices after the 1992 riots left mid-Wilshire a white-collar ghost town. He now owns more than 30 Wilshire properties, including the tall Equitable Tower on the site of the original Brown Derby, and with 70 buildings in all has assembled what the L.A. Business Journal calls "one of the single-largest portfolios of real estate in Los Angeles County," worth more than $1 billion. Lee lives in Encino and golfs at the Lakeside Country Club, so he's not exactly reclusive. But he does shun attention enough that an editor at the Korea Times calls him "kind of a Howard Hughes of the Korean community." After putting off the LABJ for two years, Lee agreed to an interview for this week's issue and explains his strategy of keeping rents low to encourage tenants. "In real estate you’re better off if you just use common sense,” he says. His approach works: the Wilshire Center area is becoming hot again.

More: Los Angeles
© 2003-2009   •  About LA Observed  •  Email the editor
LA Biz Observed
4:03 PM Fri | CBS and ABC have far bigger fish to fry - namely whether their stations can get back the auto and retail advertising that fell off a cliff in 2009.
Native Intelligence
Jenny Price | Recycling!
Veronique de Turenne | And there's still time to take part!
Phil Wallace | Searching for answers after a third loss this year.
Deanne Stillman | Jihad and cash offers meet American soldiers during the Gulf War, and beyond.
Iris Schneider | After a tough year financially, the Museum of Contemporary Art put on a gala party to celebrate with 1,000 of its closest friends.
Jenny Burman
Thinking more about buying less.
Here in Malibu
Seriously -- turn out the lights.
Sponsors
Jewish Journal logo
The California Wellness Foundation
Playa Vista ad
Blogads

Blogads Los Angeles network

Get RSS Feeds
of LA Observed
LA Observed publishes several Real Simple Syndication feeds for easy scanning of headlines. If you wish to subscribe to a feed, most popular RSS readers will do it for you. You can also enter the web address from the XML button below or click on a specific feed. For more help with RSS, try here or here.




Add to Google