Clarion Partners, a New York-based real estate investment management company, acquired a four-story, 120,000-square-foot office building
in the Golden Triangle of Beverly Hills, CA, for $80 million, or nearly $667 per square foot.
"This is one of the top office properties in a market that has historically demonstrated strong and consistent occupancy and rental rate performance,” Dean Rostovsky, a director at Clarion said in a statement. "At the same time, the Golden Triangle office market is supply constrained as a result of small land parcels, a code restriction on building height, and very high existing property values.”
Delivered in 1989, the Class A structure is at 100 N. Crescent Drive in one of the richest commercial districts in the West Los Angeles submarket. The northeast corner of the property fronts Wilshire Boulevard.
RealD Inc. and Wolfgang Puck Worldwide lead the tenant roster, according to CoStar information. The building includes a 100-seat screening room with a private entrance for media/entertainment events and three levels of subterranean parking.
Clarion Partners works with more than 200 institutional investors and has approximately $25 billion in total assets.
No brokers were mentioned.
Please see CoStar COMPS #2571392 for more information on this transaction.