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September 18, 2018
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StarPoint Properties Spends $193 Mil on Beverly Hills Office High-Rise

9/06/18

In news of a major office acquisition in Beverly Hills, StarPoint Properties has purchased a 207k sf building at 433 Camden Drive, within the city’s Golden Triangle area. The asset, which was acquired as part of a 1031 exchange following the sale of two multifamily properties, traded for about $193 mil ($932/sf).

The 12-story property was constructed in 1972 and is the second tallest building in Beverly Hills. Anchored by Wells Fargo Bank, it was sold by Camden Properties LLC and Camden Land Corp, entities controlled by Ralph Shapiro.

StarPoint, led by CEO Paul Daneshrad, intends to make renovations to the property, including interior upgrades and improvements to a 6.5k sf outdoor deck on the fourth floor. The building had not been renovated in at least 15 years.

Bob Safai of Madison Partners represented the seller in the transaction.




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