CBRE WINS LEASING ASSIGNMENT FOR ICONIC BEVERLY HILLS OFFICE BUILDING ON WILSHIRE BOULEVARD
22 May 2018
CBRE announced it won the leasing assignment for an iconic 7-story office building in Beverly Hills.
Cruzan, which purchased the property earlier this year, will be undertaking a significant renovation, repositioning of an iconic mid-century building. Renovations will include realignment of the valet and lobby connection, an updated lobby and tenant arrival experience, upgrades to multi-tenant floor common areas and restrooms, creation of new and expanded outdoor space, as well as a variety of Beverly Hills-specific tenant amenities that will modernize and transform the asset.
The building, which has been recognized as significant historic property by the City of Beverly Hills, offers flexible and efficient floorplates for multi- or single tenant occupancy and features an Art Deco-inspired lobby.
CBRE’s Bryan Dunne and Daniel Rainer are the lead leasing agents for the 107,000 squarefoot property at 9171 Wilshire Blvd. on behalf of new owner, San Diego-based developer Cruzan.
“This was a great win for us,” said Dunne. “We weren’t involved in the sale but won this listing based on CBRE’s power to deliver unmatched marketing and our ability to create a narrative and story for an asset that is undergoing an evolution.”
Added Rainer “This property will be terrifically enhanced and modernized, which will position it uniquely amongst the traditional and older Beverly Hills product. The location, Beverly Hills’ rich history as well as the area’s amenities are unbeatable. Plus, the extremely high barrier to entry makes this an incredible opportunity and investment.”
The Greater Los Angeles’ office market has been marked by rising demand, according to the latest research by CBRE. The year started with strong activity in every submarket, driven by large deals signed by media, entertainment, technology, legal and bioscience tenants. Especially Culver City, Pasadena and Beverly Hills were high on the list, as companies added 100,000 sq. ft. or more. The market’s overall 29,043 sq. ft. of positive net absorption in the first three months marked 24 quarters of gains out of the past 29.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.