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August 21, 2018
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Beverly Hills Office Building Trades in $69 Mil Deal

5/08/18

A joint venture between Cruzan and Cigna Investment Management paid $69.25 mil for a 106.9k sf ($648/sf) office property in Beverly Hills. Purchase of the building, located at 9171 Wilshire Blvd, was financed with a $51.5 mil acquisition loan.

9171 Wilshire is located along one of Beverly Hills’ busiest thoroughfares, centrally situated between Downtown LA, Hollywood, Century City and West Los Angeles. The six-story office building is 83% leased to a mix of entertainment, financial, legal and real estate tenants, including Avalon Holdings, Kaplan Perrone Entertainment, Mejia & Kaplan and Premier Business Centers.

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. Additionally, 9171 Wilshire is easily accessible to the 405 and 10 Freeways and will be served by the future Metro Purple Line Extension.

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.

Andrew Harper, Matthew Fisher and Ryan Gallagher with HFF represented the seller in the transaction. In addition, HFF’s Paul Brindley, Todd Sugimoto, Steven Paskover and Ryan Ash arranged the financing, which was funded through through Mesa West Capital.

“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.





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