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The Real Deal Los Angeles

Wilshire Rodeo Plaza in Beverly Hills could fetch $350M in bids

Nuveen Real Estate is marketing the property and 2 others
By Natalie Hoberman | February 28, 2019 02:00PM

Nuveen CEO Mike Sales and 9536 Wilshire Boulevard (Credit: LoopNet)

Nuveen Real Estate, hot on the heels of an industrial portfolio purchase, is looking to unload some of its commercial assets.

The firm is marketing the Wilshire Rodeo Plaza in the prime Beverly Hills Triangle for sale for $350 million, The Real Deal confirmed. It’s also seeking to sell two other West Coast properties in Seattle and San Francisco.

In L.A., Nuveen is shopping the 262,000-square-foot complex at 9536 Wilshire Boulevard. It includes a 178,000-square-foot, five-story structure, as well as a smaller 84,000-square-foot, three-story building.

Tenants at the site include UBS, Merrill Lynch and talent agency William Morris Endeavor.

Real Estate Alert first reported the news.

TIAA Financial Services, which acquired Nuveen in 2014, paid $193.6 million for the property in 2006, property records show. TIAA renamed its asset management division to Nuveen in 2017.

Nuveen is also selling a 40-story skyscraper, dubbed Fourth & Madison, in Seattle for $625 million. And it’s marketing the KPMG Building in San Francisco for $400 million.

Combined, the three properties could fetch $1.4 billion.

Earlier this week, Nuveen paid $136 million to Colony Capital to acquire a light industrial portfolio. The bulk of the 34 properties are based in Atlanta, with others found in New Jersey, Texas and Pennsylvania.

The firm is a massive global investment manager, with $125 billion of real estate assets under management.