The Latest Example of Post-Recession Success

LOS ANGELES—Archway Holdings Corp. has sold 9033 Wilshire Blvd. in Beverly Hills for $75.05 million or $1,500 per square foot to an affiliate of UBS Affiliated. The sale is the latest example of post-recession success, or rather success for those investors who took major risk during the downturn to see it pay off in strides today. Archway purchased the property in 2008 for $500 per square foot, and invested $10 million into renovating and stabilizing the asset. Now, it has sold for the highest pure office price on the West Coast.

“The partners wanted to sell, and because they are very dear to us, we agreed to do it. Generally, we would have like to hold onto it for longer,” Sean Moghaven, president of Archway Holdings Corp., tells GlobeSt.com. “We see this as a generational asset. When you have multiple partners, although we were the majority partner, needs are different. Because we got a strong price, we were okay to sell.” The investor brought the property to market and saw interest from the gamut of buyers, from foreign capital to institutional investors.