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10/04/22
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Concord Companies purchased a 21.5k sf office building in Beverly Hills in a $17.5 mil ($814/sf) off-market transaction. The building has served as Concord’s corporate headquarters since 2014. The opportunity to purchase the property came as the result of a longstanding relationship developed with the seller over the course of many years.
Located at 449 S. Beverly Drive, the property is currently 78% leased, with Concord occupying the majority of the building, primarily on the ground floor.
Concord plans an extensive renovation and modernization of the building, while striving to maintain the Mid-Century charm and heritage of the building, originally constructed in 1954. The plan includes updating and enhancing two upper floors, and Concord also plans to maximize rooftop usage and outdoor meeting space.
Much like the firm’s fully vertical business model, “Concord’s vision is to have tactical jurisdiction over our own building, which better allows for continued growth across all facets of our operations,” said Concord CEO Reuben Robin. “Our objective is to have a collection of like-minded and synergistic tenants that complement each other, and can benefit from our investment and service divisions, creating an environment that is beneficial to everyone in the building.”
The purchase of the building is yet another strategy Concord has employed to expand within the Los Angeles market and to support its aggressive growth plans over the next several years. The company has recently invested in two C-suite executives with Chief Investment Officer, Samuel Landman, and Chief Marketing Officer, Cayla Kondo. Landman will head up capital raising for the firm, while Kondo will lead repositioning efforts of both the parent company and its many subsidiaries.
Yoav Sarraf, Managing Partner of Concord Realty Partners, oversaw the purchase on behalf of the parent company. Hunt Barnett and Tony Price of LA Realty Partners represented the seller in the transaction. Ruben Bohbot of George Smith Partners arranged financing for the transaction.
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