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11/12/14
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New York-based Jenel Management Corp recently acquired a high-profile, 26.5k sf office building in Beverly Hills for $47.25 mil, or $1,783/sf. The property, located at 461-469 N. Beverly Dr, at the intersection with Santa Monica Blvd, is situated within the city’s Golden Triangle area.
The former Bank of America bank building was fully redesigned in 1995 by Richard Meir and The Paley Center for Media, which previously was known as The Museum of Television and Radio. The property includes both underground and surface parking.
The sellers in the all-cash transaction were comprised of several trusts representing several generations of the original business partners that purchased the property from Burton Green back in the 1920s for their lumber company headquarters. They were represented by Chris Holland and Patrick Sheekey of Coldwell Banker Commercial WESTMAC, a leading Los Angeles-based commercial brokerage firm. The buyer was repped by John Bertram of Savills Studley.
Commenting on this transaction, Holland noted, "We’ve never seen a deal with as many layers as this one. It took a special buyer to handle the multitude of parties involved in bringing this to the finish line."
Los Angeles-based Coldwell Banker Commercial WESTMAC has over 30 agents in West Los Angeles, while its sister company, Coldwell Banker Commercial BLAIR WESTMAC, headed by industry veteran Becky Blair, operates in the South Bay with 10 agents in its Long Beach office. Coldwell Banker Commercial WESTMAC recently celebrated its 26th anniversary. The company is an affiliate and franchisee of Coldwell Banker Commercial, an organization tracing its roots back to 1906.
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