Dutch investment firm pays $154M for 2 Beverly Hills offices

Sellers were El Segundo-based Ocean West Capital and Walton Street Capital of Chicago

Apr.April 08, 2019 03:00 PM
8942 Wilshire Boulevard, Neil Bluhm of Walton Street Capital, and 4525 Wilshire Boulevard (Credit: Wikipedia)

A Dutch investment firm has expanded its West Coast presence with a $154 million deal for two office buildings on Wilshire Boulevard.

Amsterdam-based Breevest paid $107.5 million for 8942 Wilshire Boulevard, and $46.5 million for 4525 Wilshire Boulevard, records show. The deal closed last week.

The seller was a joint venture of El Segundo-based Ocean West Capital Partners and an entity tied to Chicago-based Walton Street Capital.

Breevast confirmed the sale in a release Monday but did not provide the sellers.

The company secured separate debt financing deals for the two properties. Aareal Capital Corporation provided $64 million for the 8942 Wilshire property, an 83,000-square-foot building leased entirely by Paradigm Talent Agency. Ocean West and Walton bought the property for $40.5 million in 2014.

Zions Bancorporation provided a $24.4 million acquisition loan for 4525 Wilshire Boulevard. The 76,000-square-foot office building was 90 percent leased when Ocean West and Walton Street purchased it in 2016 for $22.7 million.

Breevast’s portfolio is heavy on European properties, but it’s made some moves in the Western U.S. The firm has developed in Rancho Cucamonga in the San Gabriel Mountains, San Francisco and Reno, Nevada over the last two decades.

It sold a spec office development in San Francisco in January to Kilroy Realty Corporation for $146 million, according to the The Registry, a real estate news site. That property is leased to cloud storage company Dropbox. The firm also developed a 16,000-square-foot spec home in Beverly Hills in 2013 that it sold during construction.

Related Articles

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

777 Aviation Boulevard, and from left: Ocean West Capital Partners Principal & co-founder Russ Allegrette and Lionstone co-founders Glenn Lowenstein and Dan Dubrowski

In booming El Segundo, Ocean West and Lionstone team up on office campus