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Wells Fargo Building Sale of $193 Million Sets Record for Beverly Hills

StarPoint Properties Bought One of Only Five Office Buildings Larger than 200,000 SF in City
September 5, 2018
The Wells Fargo Building, at 433 N. Camden Drive, has sold for $193 million in the most expensive single office building sale in the history of Beverly Hills, California.

Real estate investment firm StarPoint Properties said it bought a Beverly Hills, California, office building known as the Wells Fargo Building for $193 million in a deal that marks the priciest single-asset office sale in the posh city's history.

The building's original owner and developer, Camden Properties Ltd., sold the 207,432-square-foot, Class A office building at 433 N. Camden Dr., in the desirable "Golden Triangle" in Beverly Hills, according to CoStar data. It was built 46 years ago and renovated in 2003, records show.

The Wells Fargo Building is the fifth-biggest office property in Beverly Hills, and one of only five towers topping 200,000 square feet in the city, according to Stephen Basham, senior market analyst at CoStar Market Analytics.

"This is, obviously, a core investment market that any institutional investor would love to own in," Basham said by email. "Owners tend to hold their assets once they establish a presence here."

The building sold for about $930 per square foot, slightly above the average sales price for an office building in the city of Beverly Hills in the past 12 months but significantly above the Los Angeles County average of about $367 a square foot, according to CoStar data.

"It’s not unusual to see Beverly Hills assets trading for far above the overall Los Angeles average," Basham noted.

Tenants in the building include Wells Fargo, the law firm Jaffe and Clemens, Black Equities Group Ltd. and Barrister Executive Suites Inc.

Paul Daneshrad, chief executive of the 23-year-old StarPoint Properties in Beverly Hills, said he has had his eye on the property, which is literally in eye sight of his company’s headquarters at 450 N. Roxbury Drive.

"Portfolio management and market timing are critical to maximizing our investors' returns and have been key to our success for 25 years," Daneshrad said via email.

He added that StarPoint sold two multifamily properties for a significant profit in order to reinvest the capital "into the Class A office marketplace" as part of a 1031 exchange, which allows an investor to avoid capital gains taxes if the proceeds from a sale are reinvested into a similar property within a specific time frame.

StarPoint Properties sold two Southern California apartment complexes, in Upland and West Covina last month for $122.25 million.

It sold a 259-unit property at 624 S. Glendora Ave. in West Covina for $74 million, a 43-percent increase to its purchase price four years ago, to Benedict Canyon Equities, according to CoStar research.

It also sold a 232-unit property at 1334 W. Foothill Blvd. in Upland for $48.25 million, a 215-percent value increase to its purchase price of $15.18 million 17 years ago. The buyer was Carlsbad-based Virtu Investments, according to CoStar data.

StarPoint Properties plans to renovate the Wells Fargo building, including its indoor and outdoor spaces, update offices, and convert a fourth-floor, 6,500-square-foot deck to an open-air lobby that will include sculpture gardens and a new façade.

Bob Safai, founding partner and president of Madison Partners, was the listing broker for the sale.

Karen Jordan, Los Angeles Market Reporter  CoStar Group   
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