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StarPoint closes $193M deal for Beverly Hills office building
The seller was Camden Properties and Camden Land Corp.
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.