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February 22, 2020
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Law Firm Pays $1,387/sf for Beverly Hills Retail/Flex Office Building

1/20/20

An 8k sf, retail and flex-office building in Beverly Hills was purchased by Dordick Law Corp for $11.1 mil, or $1,387/sf, in an off-market deal. The buyer, a personal injury law practice, will take occupancy of the building.

Located at 470 S Beverly Dr, the property features 140 feet of frontage between the corners of South Canon Dr and Whitworth Dr. The unique property, which is a mixed-use, retail-creative office property, sits on more than 12k sf and is poised for future development.

The open floor plan allows for creative uses, and Dordick plans to renovate the space to accommodate the law practice. The property also features 10 parking spaces.

Jonathan Farasat, Patrick Wade, Alex Kozakov and Matt Greenberg with CBRE represented the buyer in the transaction. The seller, Zina Sherman, a fine jewelry designer, was repped by Jeff Resnick and Andrew Gharibian.

“Beverly Hills is one of the most desired markets in the United States with extreme barriers to entry,” said Farasat. “This building sits on the corner of one of the most renowned streets of Beverly Hills. The acquisition was a once-in-a-lifetime opportunity to operate an office in Beverly Hills with future development potential, which is a big bonus.”

Added Wade, “We are seeing traditional retail buildings being repurposed into creative office spaces and other uses, particularly in prime neighborhoods. The demand for well-located assets remains strong in submarkets like Beverly Hills.”






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