Quantcast

The Real Deal Los Angeles

CIM buying Beverly Hills office building for $130M: sources

Beverly Union has owned property for 4 decades

9460 Wilshire, with CIM Group principal and founder Shaul Kuba (Credit: Cushman & Wakefield)

CIM Group is in hard contract to purchase the Union Bank of California building in Beverly Hills for roughly $130 million, The Real Deal has learned.

The deal is expected to close in January 2018 at roughly $1,340 per square foot, sources said.

The six-story, 97,000-square-foot building at 9460 Wilshire Boulevard in Beverly Hills’ Golden Triangle has been owned by the limited partnership Beverly Union Company since 1978. It has just under 25,000 square feet of retail at the base.

The building is 91-percent occupied, according to CoStar Group data, with tenants such as Union Bank, 3 Arts Entertainment and Universal Properties.

Sources familiar with the deal say Beverly Union received over 30 bids on the property since it hit the market in October.

CIM could not be reached for comment. The real estate private equity firm has been busy in L.A., starting construction on a mixed-use project at 11752 Santa Monica Boulevard and selling a WeWork-anchored building at 7083 Hollywood Boulevard.

Marc Renard of Cushman & Wakefield shared the listing with colleagues Manfred Schaub and Morgan Jackson. Renard declined to comment, while Schaub and Jackson could not be reached.

Down the street from 9460 Wilshire, Douglas Emmett paid $144 million, or $986 a foot, for a 146,000-square-foot property at 9401 Wilshire Boulevard.