The Hakim family is tripling down on its bet on the Beverly Hills office market.
The prominent real estate group, now led by Sam Hakim, paid $36 million for a 29,700-square-foot office building at 139 South Beverly Drive, according to Commercial Observer.
It’s the third office property the Hakims have purchased in Beverly Hills this year, but the first since the coronavirus pandemic began to impact the office market.
The latest acquisition had been owned by Sakioka Farms for more than 70 years. The three-story building has ground-floor retail and two floors of office space above it.
The family purchased two properties in March for a total of $33.8 million.
Office vacancy rose to 15 percent in the third quarter from 13.7 percent in the second quarter this year and leasing was as bad as it’s been since the Great Recession.
Beverly Hills and the wider West L.A. market is consistently stronger than much of the rest of the city. Vacancy was about 10.7 percent in West L.A. at the end of the third quarter, according to CBRE.
The Hakims this year also found themselves in court over allegations from a lender that patriarch, Said Hakim, siphoned off money meant for mortgage payments on a Wilshire Boulevard office property.
The trustee of a securitized mortgage issued by UBS Real Estate Securities wants the property to go into receivership. [CO] — Dennis Lynch