DivcoWest scoops up Beverly Hills office

Stuart Shiff’s firm first reported to be in talks for 91K sf office last month

Los Angeles /
Jun.June 26, 2018 01:00 PM
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.


Related Articles

arrow_forward_ios
The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)

Contractors pull out as Oceanwide Center sale falls through again

Contractors pull out as Oceanwide Center sale falls through again
The Stinking Rose and a rendering of the proposed hotel (Google Maps, Gilliland Architecture via Urbanize, iStock)

Objectionable: Beverly Hills pushes back on hotel project replacing Stinking Rose

Objectionable: Beverly Hills pushes back on hotel project replacing Stinking Rose
Clockwise from top left: 1801 Angelo Drive, 911 North Foothill Road, 1025 Loma Vista Drive and 1175 North Hillcrest Road (Google Maps)

Bezos, Geffen, Katzenberg dominate LA’s biggest resi sales of 2020

Bezos, Geffen, Katzenberg dominate LA’s biggest resi sales of 2020
Priscilla Presley and her Beverly Hills estate (Getty, Redfin)

Priscilla has left Beverly Hills: King of Rock’s widow sells estate

Priscilla has left Beverly Hills: King of Rock’s widow sells estate
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
9600 Wilshire Boulevard (Google Maps, iStock)

Beverly Hills Saks Fifth Avenue hits the auction block

Beverly Hills Saks Fifth Avenue hits the auction block
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Michael Shabani of Crown and Russell Russell Gimelstob of Ascendant, and the building (Credit: Google Maps)

Crown Equity partnership sells Rodeo Drive building for $122M

Crown Equity partnership sells Rodeo Drive building for $122M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...