Creative Media & Community Trust (CMCT), a unit of CIM Group, has scored a major auto lease in Beverly Hills.
The investment trust announced Monday that it had signed a long-term lease with O’Gara Coach, a luxury car dealer, for a new Rolls Royce flagship showroom at 9460 Wilshire Boulevard, in the ritzy city’s Golden Triangle retail district. The lease is for longer than 10 years, according to a source familiar with the deal.
In a release, Kuba called the location “ideal” for the new Rolls Royce dealership, which he said also “adds to the cachet of this distinctive Beverly Hills retail corridor.”
In his own statement, Martin Fritsches, president of Rolls Royce’s Americas division, compared the “young and vibrant culture” of Beverly Hills with the British car maker’s brand. Fritsches also implied that expectations are high, adding that, “we look forward to the O’Gara Coach team setting new records in this location.”
A representative for CMCT said she could not provide pricing, citing the deal’s confidentiality agreement.
The property is known as the Union Bank Building because of its major tenant. The nine-story, 97,000-square-foot Class A office building was built in 1959 and renovated in 2008. CMCT bought it through an LLC in 2018 for $132 million, according to records.
According to CMCT, the building is currently more than 90 percent leased. Four office spaces, totalling more than 7,000 square feet, are currently listed as available on the commercial listing site LoopNet.
O’Gara Coach, a prominent exotic and luxury car dealer, is expected to occupy the location next year, according to the release: The new Rolls Royce showroom will have approximately 18,000 square feet of ground floor space.
In recent months Kuba, one of L.A.’s most prominent and prolific real estate players, has been making news for his development plans with CIM: The firm is controversially and single handedly remaking much of South L.A.’s West Adams neighborhood — a far cry from from Beverly Hills — by buying and redeveloping dozens of properties in the area.
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