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12/24/24
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A 133k sf office building in Beverly Hills traded hands in a $90 mil transaction that works out to $675/sf. The property, located at 9242 Beverly Blvd, at the intersection of Beverly and Santa Monica Blvds, was acquired by a joint venture between Envision and Faring.
The asset was sold by Tishman Speyer, who purchased the building in 2005 for approximately $38 mil. They subsequently secured leases with private investment firm Post Real Estate Group and Miller-DM to establish a Mercedes-Benz luxury vehicle franchise at the building.
The building features flexible floorplates, light-filled workspaces and convenient access to some of the city’s best dining and shopping. Completed in 1990 and certified LEED Platinum, 9242 Beverly also boasts exclusive balconies with breathtaking views of Beverly Hills, an expansive interior courtyard that provides an outdoor office setting, and a reimagined entrance and lobby with a hospitality-infused design.
“This transaction demonstrates the success of our investment strategy at 9242 Beverly,” said Tishman Speyer Senior Managing Director Paul Galiano. “It is a testament to the high-quality environment we cultivated at the building, which continues to draw companies seeking inspiring office space in the heart of Beverly Hills.”
9242 Beverly is the second recent office sale for Tishman Speyer within the Beverly Hills market. In August, Tishman Speyer sold 407 North Maple Drive to apparel and lifestyle brand Fashion Nova for $119.7 mil, which equates to $685 per square foot. Originally acquired by Tishman Speyer in September 2005 for $71.9 mil, the creative office campus is set to become Fashion Nova’s new headquarters.
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