From the September issue:
Douglas Elliman making big moves on the West Coast
Douglas Elliman acquired Beverly Hills-based brokerage firm Teles Properties, making Elliman one of the largest residential players on the West Coast.
The deal brings its California roster to 630 agents across 21 offices, and nationally, the company will have more than 7,000 agents and 110 offices.
For nearly two years, it was rumored that the Howard Lorber-led brokerage would expand its L.A. footprint through an acquisition. Sources said the opening of Compass’ first West Coast location in Beverly Hills two years ago put even more pressure on Elliman to speed up its search.
Financial terms of the acquisition were not disclosed. Teles, which reported revenue of $3.4 billion last year, will be rebranded as Douglas Elliman in the fall. Until then, it will operate as “Teles, a Douglas Elliman Real Estate Co.” Elliman said its sales volume in L.A. was about $700 million last year.
Unlike Elliman’s offices outside of L.A., which skew toward the luxury market, Teles agents typically list properties under $5 million. The average Teles listing is priced between $1.3 and $1.4 million.
Bel Air estate asks $350M
The Bel Air home of the late Univision chairman Jerrold Perenchio hit the market for $350 million — making it the priciest listing in the country.
The Hollywood executive, who died in May and reportedly represented Marlon Brando and Elizabeth Taylor, bought the initial site in 1986 and expanded the property over 30 years by scooping up adjacent land.
The Sumner Spaulding-designed estate, known as “Chartwell,” comprises more than 10 acres. The main house totals 25,000 square feet and has a ballroom, wine cellar and a period-paneled dining room. The grounds include manicured gardens, a tennis court, a 75-foot swimming pool and covered parking for 40 cars.
Perenchio’s home was featured as Jed and Granny Clampett’s house on the television series “The Beverly Hillbillies,” and Ronald and Nancy Reagan used to live next door.
Coldwell Banker Global Luxury, Hilton & Hyland and Berkshire Hathaway Home Services are marketing the property on behalf of Perenchio’s estate.
The Chartwell estate
Tishman Speyer eyes Santa Monica
Tishman Speyer has shelled out $140 million for the Blackstone Group’s Arboretum Courtyard, a 140,000-square-foot Class A office building in Santa Monica.
Los Angeles-based real estate investment trust Douglas Emmett has been scooping up a bulk of Blackstone’s listings with partner Qatar Investment Authority, and was widely expected to purchase the property.
The sale price pencils out to about $1,000 per square foot, just shy of the record $1,300 per square foot that Douglass Emmett paid for Blackstone’s other Santa Monica property, at 1299 Ocean Avenue.
Blackstone has been cashing out of the L.A. market at breakneck pace. It’s sold off six major L.A. office properties in the last seven months.
Meanwhile, Tishman, headed by Rob Speyer, has been doubling down. It inked a deal to buy Hyperloop One’s four-building headquarters in Downtown L.A.’s Arts District for $25 million. It plans to transform the site into an eight-story office building.