Tishman Speyer’s mystery buyer revealed: Kilroy Realty purchased Maple Plaza in Beverly Hills, paying $205.3 million for the about 300,000-square-foot property.
A person familiar said there was a competitive process on the deal, which came to $707 per square foot, with the property about 75 percent occupied.
The Real Deal previously reported Tishman Speyer had an agreement to sell the offices for more than $200 million but the buyer was unknown.
Tishman Speyer has cashed in on three Beverly Hills offices properties in a year — the latest, at 345 North Maple Drive, was purchased by the New York-based investor for $101 million two decades ago. The other two are 407 North Maple Drive, which Tishman Speyer sold to Fashion Nova for $119.7 million, after buying it for $71.9 million; and 9242 Beverly, which it sold to Envision and Faring for $90 million, after acquiring it for $38 million.
Kilroy Realty said it purchased the three-story, Class A office campus for around $707 a square foot via cash on hand and recent disposition proceeds. The publicly traded real estate investment trust recently sold a Santa Monica office building for $40 million, and hinted that it may sell another, seeking a similar price, next year. The property it recently sold — a seven-story and 73,000-square-foot property at 501 Santa Monica Boulevard — was 65 percent occupied.
The sale marks Kilroy Realty’s debut in Beverly Hills, where office vacancies are lower than downtown Los Angeles but higher than neighboring Century City. The sale could go down as one of the priciest all year. In the second quarter, per a CBRE market report, the highest sale in West Los Angeles was Barings’ $150.7 million Playa Vista buy.
Tishman Speyer’s Ryan Botjer called the Maple Plaza deal a successful completion of an exit from a trio of Beverly Hills, in an announcement by the company.
Kilroy Chief Executive Angela Aman, in a press release, said the deal came at a substantial discount to estimated replacement cost.
CBRE’s Stephen Somer and Brooke Silver, who brokered the deal, declined to comment.
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