Save the date: RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.
BEVERLY HILLS, CA-Real Estate Capital Partners LP has sold a Bank of America-anchored property at 9440 Santa Monica Blvd. here, to privately held commercial real estate investment firm Maxxam Enterprises for an amount rumored to be near $30 million. The 87,596-square-foot, class-A, eight-story office building is situated on long-term ground-leased land and was 93.3% occupied at the time of sale, including several high-net-worth tenants.
Madison Partners arranged the sale of the landmark building. The firm's Bob Safai and Matt Case have sold the property twice before and represented the seller in this transaction.
The team also secured debt placement through Jefferies LoanCore. Chapin Hunt, managing director of Jefferies LoanCore, provided the $18.5-million acquisition loan.
The Bank of America building is located across the street from the Paley Center for Media, a prime golden Triangle location that affords occupants convenient access to a host of world-class amenities including the new Annenberg Center for the Performing Arts as well as restaurants and other recreational cultural attractions.
As GlobeSt.com previously reported, last month the locally based Maxxam Enterprises sold two properties in its Southern California portfolio: the mixed-use Stanford Center, located at the prime corner of Stanford Ave. and 10th Street in Downtown Los Angeles; and a 1.5-acre development site located at 627 Deep Valley Dr. in the exclusive Rolling Hills Estates.
What are the pluses and minuses to being located in the Beverly Hills Golden Triangle? Tell us in the box below.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
