Studley Sells Beverly Hills Office Building For Record Price
Los Angeles, CA (May 16, 2013)
|Owned by the Wallace Family Trust, the building at 130 S. El Camino Drive in Beverly Hills, Calif. was sold to an undisclosed buyer for $10.4 million. Translating to just under $1,150 per square foot, this represents the highest historical per square foot sales price for office space in Beverly Hills.|
The two-story, 9,046-square-foot building, unoccupied at the time of the sale, formerly housed the offices of Merv Griffin.
Built in 1951 and extensively renovated in 2012, the building is located across the street from the Beverly Wilshire Hotel and in close proximity to Rodeo Drive.
“The property’s valued location in the heart of Beverly Hills, combined with an improving economic and real estate climate, pushed the price of the building to record levels,” said Meltzer.
The Wallace Family Trust purchased the building in 2009. Greg Moore of Keller Williams Realty represented the buyer in the transaction.
Studley is the leading global commercial real estate services firm specializing in tenant representation. Founded in 1954, Studley pioneered the conflict-free business model of representing only tenants in their commercial real estate transactions. Today, with 60 offices worldwide, Studley provides strategic real estate solutions to top-tier corporations, not-for-profit organizations and law firms. For more information, please visit www.studley.com