Land under historic Beverly Hills office building sells for $25M

Associates of developers Ely Dromy and Leo Pustilnikov bought the land beneath the Wilshire-Rexford Building

May.May 30, 2019 11:00 AM
9300 Wilshire Boulevard
9300 Wilshire Boulevard

The owners of a ground-leased office building on Wilshire Boulevard have bought the land, consolidating their hold on a historic property in Beverly Hills, The Real Deal has learned.

An entity with ties to two prominent Los Angeles investors—Ely Dromy and Leo Pustilnikov—paid $25.2 million for the ground under the Wilshire-Rexford Building at 9300 Wilshire Boulevard, according to property records.

The sale closed in February but was recently filed with the county. The buyer was an LLC controlled by Dromy, and the deed was recorded with a return address to a company Pustilnikov once managed.

The land deal brings the entire property under the ownership of members of the Dromy family. In 2017, a separate entity controlled by Pustilnikov and Ely’s son David bought the building, which has roughly 65,000 square feet, for $13.8 million from Hudson Pacific Properties. In January, Beverly Hills designated the 57-year-old building a local landmark. It was designed by famed University of Southern California architect Sidney Eisenshtat.

Madison Partners, who brokered the Hudson Pacific ground lease sale, handles leasing at the building.

The seller of the land was a trust established in the name of the late Westcot B. Stone, III, who died in 2017.

The deal comes at a time when booming development and the Metro’s planned Purple Line extension have made that part of Wilshire Boulevard a desirable location. New York investor Michael Shvo recently dropped $130 million on a development site just up the street at 9200 Wilshire Boulevard.

Ely Dromy, whose Dromy International Investment Corporation is headquartered at 9300 Wilshire, immigrated to the U.S. from Israel in the 1970s and has been an active L.A. real estate investor for decades.

Pustilnikov heads SLH Investments and is behind major development projects Downtown and Redondo Beach.

Marc Cohen, an attorney for Dromy and Pustilnikov, declined to comment.

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