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
Richard Lovett, co-chairman / agent, motion picture library literary, CAA (CAA)
CAA picks JMB Realty’s new Century City tower for HQ
CAA picks JMB Realty’s new Century City tower for HQ
Kevin Staley, managing partner, Staley Point Capital; Andrew Terris, managing director, real estate, Bain Capital; and view of 12065 Pike Street (Google Maps, Bain Capital, Staley Point)
Staley Point, Bain spring for beer bash
Staley Point, Bain spring for beer bash
Rexford Industrial Realty co-CEOs Michael Frankel and Howard Schwimmer and property at 4240 West 190th Street (Wexford Industrial Realty, Newmark)
Rexford’s latest in South Bay brings 307K sf
Rexford’s latest in South Bay brings 307K sf
Microsoft CEO Satya Nadella, Activision Blizzard CEO Bobby Kotick and 2701 Olympic Boulevard (Wikipedia, Loopnet)
Here’s how Microsoft will expand its SoCal office footprint with Activision
Here’s how Microsoft will expand its SoCal office footprint with Activision
1013 N Beverly Dr (Rochelle Maize Realty, iStock)
Billionaire Berggruen buys some elbow room in Beverly Hills
Billionaire Berggruen buys some elbow room in Beverly Hills
11672 San Vicente Boulevard in Brentwood (Google Maps)
Brentwood retail complex fetches $2,000 psf
Brentwood retail complex fetches $2,000 psf
9710 Zelzah Avenue with NMS Properties' Neil Shekhter and Bascom's Derek Chen (top right), David Kim (bottom right) and Jerry Fink (bottom left) 
Shekhter sheds two SF Valley properties for $52.5M
Shekhter sheds two SF Valley properties for $52.5M
The Mix at Harman Campus at 8500 Balboa Boulevard with Shubin Nadal Realty Investors' Bill Shubin and Lonnie Nadal (Shubin Nadal Realty Investors)
44-acre business campus in San Fernando Valley for sale
44-acre business campus in San Fernando Valley for sale
arrow_forward_ios

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

Loading...