 |
| 9171 Wilshire Drive, Beverly Hills, CA |
 |
| Andrew Harper |
LOS ANGELES, CA –– HFF announces the $69.25 million
sale and $51.5 million financing of 9171 Wilshire Drive, a
106,890-square-foot office building in Beverly Hills, California.
The HFF team represented the seller, and procured the buyer, a
joint venture between Cruzan and Cigna Investment Management.
Additionally, the HFF team worked on behalf of the buyer to secure the
acquisition loan through Mesa West Capital.
9171 Wilshire is located along one of the city’s busiest
thoroughfares centrally located between Downtown LA, Hollywood, Century City
and West Los Angeles.
The
property is in close proximity to the Golden Triangle, a premier tourist
destination defined by high-street retail along Rodeo Drive, upscale dining and
luxury hotels.
 |
| Todd Sugimoto |
Additionally, 9171 Wilshire is easily
accessible to the 405 and 10 Freeways and will be served by the future Metro
Purple Line Extension. The six-story office building is 83 percent leased
to a mix of entertainment, financial, legal and real estate tenants, including
Avalon Holdings, Kaplan Perrone Entertainment and Mejia & Kaplan.
Cruzan plans to substantially renovate the entire building with
the hope of capitalizing on the strength of the Beverly Hills office submarket.
While the scope of work is still being
finalized, it is likely to include a new building lobby, new multi-tenant
corridors and restrooms, and addition of a shared amenity space. The new
ownership also plans to transform the current vacancies into contemporary work
spaces, catering to companies that are seeking to retain and recruit top
talent.
 |
| Steven Paskover |
HFF’s debt placement team representing the borrower included
senior managing director Paul Brindley, managing director Todd
Sugimoto, director Steven Paskover and associate Ryan Ash.
“This was an extremely rare opportunity to acquire an asset with
significant upside in one of the most sought after core markets in the world,”
said Harper.
Holliday GP Corp. ("HFF") is a real estate broker
licensed with the California Department of Real Estate, License Number
01385740.
For more information, please contact:
No comments:
Post a Comment