Starpoint paying $200M for Wells Fargo-anchored complex in Beverly Hills: sources

The firm also owns the Roxbury, a 100K sf building nearby

Jun.June 06, 2018 02:39 PM
Starpoint Executive Paul Daneshrad with the property

Starpoint Properties is buying a Beverly Hills office building for roughly $200 million, The Real Deal has learned.

Sources familiar with the deal said the investment firm already put down non-refundable deposit on the complex, located at 433 Camden Drive.

Located in the Golden Triangle, the 207,400-square-foot property spans 12 stories. Wells Fargo is an anchor tenant, alongside tenants Beverly Hills Dermatology Consultants, Barrister Executive Suites, Inc. and Walker Corporate Law Group.

The seller is an LLC tied to Ralph J. Shapiro, who is associated with Avondale Investment Company, managing portfolios including commercial real estate. He is also an attorney and a University of California Los Angeles philanthropist.

Bob Safai and Tony Ranger of Madison Partners had the listing.

The buyers, sellers and listing brokers could not be reached for comment.

Starpoint, a Beverly Hills-based firm led by Paul Daneshrad, owns multifamily, retail and office properties across the West Coast. Locally, it owns the 101,600-square-foot Roxbury office complex on Roxbury Drive, which it bought for $43 million. In a joint venture with Golden West Properties, Starpoint also recently acquired the Adidas and Burn Fitness building at the Third Street Promenade in Santa Monica for $30 million.

The deal is one among many big-ticket items trading in Beverly Hills. DivcoWest Real Estate Investments is reportedly paying $83 million for an office building built by music icon David Geffen, while private equity firm Cruzan spent $69 million to acquire Rodeo Realty’s base at 9171 Wilshire Boulevard. Cruzan’s purchase was the second-highest office sale in Beverly Hills at the time, following CIM Group’s January purchase of the Union Bank of California Building for $132 million.

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