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

Los Angeles /
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.


Related Articles

arrow_forward_ios
The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)

Contractors pull out as Oceanwide Center sale falls through again

Contractors pull out as Oceanwide Center sale falls through again
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
Hudson Pacific Properties CEO Victor Coleman (Illustration of Victor Coleman by The Real Deal; iStock; Coleman via Hudson Pacific)

Hudson Pacific is effusive about Blackstone deal, defensive about office space

Hudson Pacific is effusive about Blackstone deal, defensive about office space
6725 West Sunset Boulevard in Hollywood and Vanbarton Group's Richard Coles (Credit: Google Maps)

Vanbarton’s Sunset Boulevard office complex goes to special servicing

Vanbarton’s Sunset Boulevard office complex goes to special servicing
arrow_forward_ios

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

Loading...