Northern California-based investment firm Meridian has bought a medical office building in Beverly Hills.
The firm bought the 67,510-square-foot, three-story medical office building at 150 North Robertson Boulevard for $81.5 million, according to an announcement on Friday. Meridian made the acquisition through a joint venture with an unnamed institutional investor.
Tracey Darroll, a local real estate investor who runs Iris Capital Group, sold the building. The seller had owned the property since it was built in 1989.
Meridian plans to invest “significant capital” into renovating the building.
The building is currently 88 percent leased, including to the Farzad Eye Institute and Cedars-Sinai’s gastroenterology department. It’s less than a mile from Cedars-Sinai’s main campus and hospital.
Meridian CEO John Pollock said in a statement that the firm’s acquisition team has been “tracking this property for years,” given its location in a “highly coveted market with extremely high barriers to entry.”
The medical office building is Meridian’s largest acquisition to date. In Los Angeles, the firm also owns a 32,000-square-foot medical office in Brentwood.