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Commercial Real Estate Beverly Hills – Below is a list of the ten most expensive commercial real estate purchases in Los Angeles County. Compiled from information provided by CoStar, the list includes buildings in the retail, office, and multi-family categories. Transactions only include properties sold between January 1, 2014 and March 31, 2014.
CIM Group acquired Two California Plaza in February for approximately $300 million. At 750 feet tall, it is the third tallest building in Los Angeles. This skyscraper is located on Bunker Hill, which is home to points of interest such as the Walt Disney Concert Hall and the US Bank Tower – the tallest building west of the Mississippi River. One of the main office buildings in Los Angeles, the tower is part of California Plaza, which connects to the Museum of Contemporary Art and an apartment building.
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The purchase of Pacific Place Apartments by Equity Residential is the second most expensive commercial real estate transaction in the first quarter of 2014. The large apartment complex is located near LAX, on the southwest corner where Highways 105 and 405 intersect each other. The complex’s website touts that potential renters can “enjoy luxury urban living with a relaxed coastal setting.”
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In January, Hines REIT agreed to purchase the Howard Hughes Center, a five-building complex for $506 million. The total cost includes buildings located at 6060, 6080, 6100, 6601, and 6701 Center Drive. Four of the five buildings make up the list of the ten most expensive commercial real estate transactions in the first quarter of 2014 (6060, 6080, 6100, 6701). 6601 Center Dr. W. was the only building not to make the list, selling for $39.7 million.
6080 Center Drive is part of a half-billion dollar purchase made by Hines REIT. This particular building houses the Sony Entertainment Network’s global headquarters, among other tenants. The mid-rise building offers state-of-the-art amenities such as a fitness center and a restaurant. The grounds also feature a 1.5-acre park and sand volleyball courts. Not a bad place to call the action.
The building, part of the 70-acre Howard Hughes Center, is partially home to Pepperdine University’s Graduate School of Education and Psychology and the Graziadio School of Business and Management. Other tenants include AFLAC, InMotion Hosting, and Tourism Australia. Previously, the building was owned by Brookfield Office Properties, which bought it for $80 million in 2006.
Burbank’s tallest building was sold to Worthe Real Estate Group for $109 million in March. This was less than the $167 million paid by BlackRock Inc. in May 2005. Worth is currently the largest landlord in Burbank. The skyscraper was largely occupied by The Walt Disney Company until spring 2013, when it consolidated its headquarters in other buildings in Glendale and Burbank.
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One of the richest men in the world bought this Rodeo Drive building. The purchase was suitable for Spanish billionaire Amancio Ortega and his subsidiary, Ponte Gadea Group. Ortega is the man behind the Zara clothing line and retail store. Ortega paid over $100 million to his former property owner, Festival, who bought him for $39 million in 2007. With a net worth of $64 billion, the third richest man in the world could certainly be one of the newest Rodeo Drive store owners.
The low-rise, 10-story building is the fourth most expensive building in the Howard Hughes Center’s portfolio. Hines REIT purchased the complex from The Blackstone Group, the largest private property owner in the United States. Companies headquartered at 6060 Center Drive include Corbis, Keiwit, Cricket Communications, 1-800-DENTIST, and USA Today Sports.
In March, Saunders Property Company purchased the AT&T building from Pacific Bell Telephone Company. Pacific Bell should ring a “bell” for mobile users in the 90’s. In 2001, the company’s name was changed to SBC until 2005, when it became AT&T. The mobile operator will reportedly lease its existing space, which is 125,000 or about 43% of the total square footage.
Part of Camelback Services Inc’s New Year’s resolution was the purchase of the Wilshire Roxbury Building, which was purchased on January 2. This edifice, located in Beverly Hills, is within walking distance of Saks Fifth Avenue, Neiman Marcus, and Rodeo Drive stores. It is worth noting the price per square foot. At around $2,000 per square foot, it dwarfs nearly every other building on this list. That is, with the exception of the Gucci Building on Rodeo Drive (No. 7)—which is selling for about $8,000 per square foot with its own double gatehouse at The Beverly Ridge Estates: a grand custom home thoughtfully designed to express medieval romance with all the amenities. Modern as the heart could desire. Once the gates to private property open, the impressive scale of this work of art is revealed. With a perfectly manicured garden, over 75,000 square feet of living space with over 15,000 square feet of living space, enter through the great room with windows that not only flood the house with light, but perfectly frame the plane – the views that await you on one of the largest lots. In the community. The home has a custom bar room, family room, home theater room, spacious chef’s kitchen, pool/spa, and 6-car underground garage.
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Other unrated cookies are those that are analyzed and not yet categorized. Investing in commercial real estate can be a rewarding opportunity, though it also comes with a significant amount of risk. In order to maximize returns and limit losses whenever possible, you should get advice and counsel from a Beverly Hills commercial real estate attorney. No matter what kind of legal concerns you may have, the law offices of John H. Friese can help.
Whether you are leasing a single storefront, selling a large apartment building, or investing in a new commercial development, many different legal questions and disputes can arise. There is always a lot at stake when it comes to commercial real estate, and you could face potential losses and liabilities if you sign the wrong contract, if you fail to comply with all relevant laws, or if a dispute arises.
Do not assume that an agent or broker has the knowledge necessary to review contracts or resolve any obstacles that may arise in a commercial real estate transaction. Also, if you believe a dispute is arising, you can often save resources by hiring the appropriate commercial real estate attorney in Beverly Hills to handle the matter directly. The John H. Friese Law Offices can assist with a variety of legal issues, so please call 310-276-1218 or contact us online today.
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