Nashville has come to Beverly Hills, with a 32,000-square-foot office lease.
Concord, a Nashville-based independent music firm with 125,000 artists in its stable, leased the sixth-floor penthouse at Wilshire & Palm at 9171 Wilshire Boulevard, the Los Angeles Business Journal reported. It’s slated to move in this fall.
Terms of the deal with landlord Cruzan were not disclosed. Brokers Bryan Dunne and Danny Rainer of JLL represented Cruzan in the deal, while brokers Paul Haskin and Jeff Gerlach of CBRE Group represented Concord.
The Mid-Century building, built in 1959, offers panoramic views of Beverly Hills. The top-floor penthouse has indoor and outdoor workplaces.
Cruzan, based in Solana Beach, bought the 112,000-square-foot building in 2018 for $69 million, or $616 per square foot. It then poured an undisclosed amount into renovations.
“When we initially conceptualized the tenancy at Wilshire & Palm, Concord was the prototype media tenant we had in mind for our redevelopment of the building,” Dennis Cruzan, founding partner of Cruzan, said in a statement. “We are thrilled to have them as our lead tenant at the project.”
Dunne, of JLL, characterized the lease as part of an overall “flight to quality,” or best-in-class experience for workers.
The gleaming white Wilshire & Palm has vertical windows, crystal chandeliers above its elevators and crisp modern furnishings, including its rooftop deck, according to its website. Tenants include Rodeo Realty.
“Buildings like Wilshire & Palm where the landlord has invested in the property have a distinct advantage to attract tenants in the market,” Dunne said in a statement.
Beverly Hills is the fourth largest office destination for companies on the Westside, after Century City, Santa Monica and Culver City, according to the Business Journal.
Concord manages licenses of songs and recordings for use in entertainment projects, commercials and public performances.
— Dana Bartholomew
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