StarPoint closes $193M deal for Beverly Hills office building

The seller was Camden Properties and Camden Land Corp.

Los Angeles /
Sep.September 04, 2018 04:00 PM
Starpoint Executive Paul Daneshrad with the property (Credit: Pixabay)

UPDATED, Sept. 5, 9:50 a.m: StarPoint Properties closed on its $193 million purchase of an office building in the Beverly Hills Golden Triangle.

The deal, which closed Thursday, was part of a 1031 exchange, the company said.

In June, The Real Deal reported the firm was in escrow to purchase the building at 433 Camden Drive for $200 million.

The sellers of the Wells Fargo-anchored building were Camden Properties LLC and Camden Land Corp., two entities controlled by Ralph Shapiro. An attorney and a University of California Los Angeles philanthropist, Shapiro is also associated with Avondale Investment Company.

The real estate investment firm used the proceeds from two multifamily sales to pay for the office property. Combined, the apartment buildings sold for $122 million, StarPoint announced last week.

Bob Safai at Madison Partners brokered the sale. Law firms Paul Hastings and Greenberg Glusker were also involved in negotiations.

StarPoint, a real estate investment firm led by Paul Daneshrad, will renovate the 207,400-square-foot Camden Drive property, which was built in 1972. The company plans to transform the 6,500-square-foot deck on the building’s fourth floor, in addition to modernizing the interiors and amenity offerings.

At 12 stories high, the property is the second-tallest building in Beverly Hills.


Related Articles

arrow_forward_ios
Corcoran Global Living CEO Michael Mahon and the Beverly Hills location. (Corcoran, JLL)
Corcoran sets up shop in Beverly Hills
Corcoran sets up shop in Beverly Hills
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
Mariposa on 3rd
CGI Strategies secures $42M loan on Koreatown apartment complex
CGI Strategies secures $42M loan on Koreatown apartment complex
Rendering's of Byron Allen's future mansion. (Getty, Landry Design Group)
Media mogul Byron Allen is building a Beverly Hills megamansion
Media mogul Byron Allen is building a Beverly Hills megamansion
Gov. Gavin Newsom with Doug Ose and John Cox (Getty, Twitter)
Real estate execs among challengers in Newsom recall
Real estate execs among challengers in Newsom recall
2575 E El Presidio Street and Thor Equities Chairman Joe Sitt
Thor Equities pushes into LA industrial market
Thor Equities pushes into LA industrial market
Rendering of the new Pasadena office and existing building inset. (JLL, 101 South Marengo)
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Dwayne “The Rock” Johnson and the Beverly Hills home (Getty, Zillow)
The Rock throws down $28M for Beverly Park estate
The Rock throws down $28M for Beverly Park estate
arrow_forward_ios

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

Loading...