Triple Five buying Wanda’s One Beverly Hills condo-hotel project

The developer is also purchasing Chinese firm’s stake in a luxury Chicago skyscraper

Los Angeles /
Sep.September 17, 2018 06:30 PM
Rendering of One Beverly Hills, with Triple Five executive Nader Ghermezian (Richard Meier)

Triple Five Group, whose developments include shopping malls and entertainment complexes, is in escrow to purchase Dalian Wanda Group’s One Beverly Hills condo and hotel project and a stake in Vista Tower skyscraper in Chicago, The Real Deal has confirmed.

The deal comes nearly one year after China-based Wanda listed five of its massive overseas projects following calls by its government to curb overseas spending. Once the Triple Five deal closes, Wanda will have officially sold its interest in each of the five properties.

CoStar first reported on the sale of One Beverly Hills and Vista Tower.

The $1.2 billion One Beverly Hills complex, at 9900 Wilshire Boulevard, has had its share of issues since the luxury project was proposed. After Wanda almost let its permits expire, the firm cut a $60 million deal with the city of Beverly Hills for a six-month extension. Its development partner, Athens Group, exited the partnership last October for reasons that remain unclear.

Wanda paid $420 million for the One Beverly Hills site four years ago.

As part of the deal, Canada-based Triple Five will also purchase Wanda’s 60 percent stake in the planned Vista Tower, a 98-story mixed-use complex in Chicago that is under construction. Wanda Group valued its stake at $900 million. In April, TRD reported that a Wanda sale of its Vista Tower stake would be the largest-ever such deal of any Chinese interest in Chicago real estate.

Wanda, along with other Chinese firms, has been seeing pushback from their government, as China pulls back on foreign spending. Wanda, led by billionaire Wang Jianlin, is one of the largest owners of foreign assets, with more than $40 billion of property worldwide.

The firm sold its two projects in Australia — One Circular Quay and Jewel Resort — for a combined $913 million in January. That same month, it also unloaded its stake in the One Nine Elms in London for $81 million.

Triple Five, led by the Ghermezien family, owns some of the country’s largest shopping malls, including the Mall of America in Minnesota and the long-delayed American Dream mall in New Jersey.

L.A.-based Reuben Realty, led by Reuben Benhaghnazar, advised on the Triple Five-Wanda deal.


Related Articles

arrow_forward_ios
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
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
PPIH President & CEO Naoki Yoshida and TPG Capital Partner Paul Hackwell (Linkedin, Getty)
TPG Capital selling SoCal-based Gelson’s Markets
TPG Capital selling SoCal-based Gelson’s Markets
MDT Properties Marc Tavakoli and 627-631 N. Dillon Street (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
Shovel-ready site in Silver Lake trades for $3.5M
Shovel-ready site in Silver Lake trades for $3.5M
(iStock)
LA County sued over commercial eviction moratorium
LA County sued over commercial eviction moratorium
arrow_forward_ios

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

Loading...