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April 13, 2021
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LaSalle Investment Management Pays $1,500/sf for Beverly Hills Medical Office Building


LaSalle Investment Management acquired a five-story, 49.7k sf medical office building in Beverly Hills for $74.4 mil ($1,497/sf). The Class A building, located at 9033 Wilshire Blvd, is anchored by USC’s Keck Medical Center.

The state-of-the-art property, which was extensively renovated in 2011, was awarded Best Building & Tenant Improvement by the Los Angeles Business Journal and also received the “Architectural Design Award” by the City of Beverly Hills. Designed by SIM & Associates, the building features a world-class surgery center, a full-service pharmacy offering drug compounding, unique art installations, valet parking with call-down service and a rooftop deck.

Situated in Los Angeles’ premier medical market, the 9033 Wilshire is ideally located near several renowned hospitals, including Cedars-Sinai Hospital, UCLA Medical Center, St. John’s Hospital and Olympia Medical Center.

Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan, Ken White and Senior Managing Director Laura Stumm represented the seller, UBS Realty Investors. Senior Managing Director Steven Salas of Newmark also assisted with the sale.

“9033 Wilshire is one of the elite medical office buildings in Beverly Hills,” commented Hannan. “Its elevated status has attracted leading physicians in their practices who have patients travelling from all around the world for care.”

The healthcare sector remains strong in the current economic environment, outperforming most other commercial property types through the pandemic, according to Newmark Research. Direct vacancy in medical office in Beverly Hills has remained in the single digits since 2002 and consistently achieves some of the highest rental rates in the country.

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