Quantcast

The Real Deal Los Angeles

DivcoWest scoops up Beverly Hills office

Stuart Shiff’s firm first reported to be in talks for 91K sf office last month
By Dennis Lynch | June 26, 2018 01:00PM

Property at 331 Maple with DivcoWest CEO Stuart Shiff

DivcoWest has planted its flag in the Beverly Hills Media and Entertainment District.

The San Francisco-based investor completed the purchase of 331 North Maple Drive, a month after The Real Deal first reported rumors of a sale. The sales price was not disclosed, but it was reported to be around $83 million for the 89,000- to 91,000-square-foot building.

That would pencil out to around $912-$933 per-square-foot, which makes it one of the more pricey trades recently. Starpoint topped that earlier this month with the $964 per-square-foot purchase of 433 Camden Drive. Cruzan paid $616 per-square-foot for 9171 Wilshire Boulevard in April.

RREEF America, the asset management wing of Deutsche Bank, is the seller. Entertainment titan David Geffen built the three-story office in 2000 as the headquarters of Geffen Records. It includes high-tech amenities, including a 45-seat theater, sound-proof studios, and custom audio and video conferencing systems. It also has parking for 270 cars.

DivcoWest’s purchase is at least the fifth since 2000, according to Real Capital Analytics. Deutsche Bank paid $70 million for the property in July 2014.

The building is 60 percent occupied by a single tenant, according to DivcoWest. The firm plans to invest an unspecified amount — reported as $4 million in May — to reposition the property as Class A product.

DivcoWest recently sold off the Water’s Edge creative campus in Playa Vista for $190.5 million to Rockwood Capital, but it still owns other properties in Los Angeles, including Glendale Plaza.