The four-story, 165,000-sf development is rising at 407 N. Maple Drive, not far from the world-renown Rodeo Drive. It will be known simply as The Maple.

Geffen, one of the world's richest men, is a music producer and a partner in DreamWorks SKG with Steven Spielberg and Jeffrey Katzenberg. His partner in the new office complex is Dr. Bernard Salick, head of Beverly Hills-based Bentley Health Care Inc.

Concrete for the parking garage was recently poured. Though Geffen and Salick have so far funded the development costs themselves, one source says the pair is about to close a $40-million construction loan to complete the project.

Cutbacks in the area's key entertainment sector have pushed the office vacancy factor in Beverly Hills to about 11.6% today from 9.8% a year ago, according to a report by the LA office of Cushman & Wakefield. Geffen has been trying to find a tenant for another building he owns nearby, but so far hasn't had any luck.

Geffen was unavailable for comment. Though brokers admit that the Westside market has softened, they speculate that the area may have rebounded by the time the new Maple complex opens its doors near the end of next year.