Billionaire developer Alan Casden has put three high-profile Beverly Hills office buildings on the market, including his company's headquarters.
A subsidiary of Casden Properties Inc., in partnership with New York-based Blackacre Capital Management LLC, is looking to collect around $55 million for the three Wilshire Boulevard properties.
The Class A buildings at 8942, 9090 and 9150 Wilshire Blvd. cumulatively have 209,000 square feet of space and are fully leased. The buildings are being sold as a package.
Casden is on the top floor of 9090 Wilshire Blvd., but he may move the firm in a year or two. The lower floors of 9090 Wilshire Blvd. have been converted for medical office tenants.
Meanwhile, talent agency International Creative Management Inc. occupies 8942 Wilshire Blvd. And Paramount Pictures Corp. chief executive Brad Grey's production company, Brillstein-Grey Entertainment, occupies much of 9150 Wilshire Blvd.
The properties were on the market early last year but taken off when bids came in low. However, the process this time around has been fast-paced, according to Stephen Somer, a senior vice president with Secured Capital Corp., which has the listing. A final buyer could be selected within the next several weeks, he said.
The Casden-Blackacre partnership, which developed 9090 and 9150 Wilshire, came to a joint decision to sell the buildings. One draw back to the properties: both 8942 and 9150 Wilshire Blvd. are on long-term ground leases.
Still, demand for Beverly Hills office buildings is high. The posh city remains one of the strongest rental markets in Los Angeles County. At the end of December, the city's average vacancy rate hovered around 8 percent, below the county average of 11.5 percent. The average asking rents were nearly $3 a foot a month, higher than the county average of $2.55, according to Grubb & Ellis Co. data.
Working the Playa
Playa Capital Co. LLC's court victory last week did more than pave the way for the final portion of the massive Westside residential and retail project.
In light of the ruling, the developer also chose to put on the market the project's remaining office component, located near the Hughes' Spruce Goose building at the corner of Bluff Creek and Campus Center drives.
The group is selling a 6-acre tract with entitlements from the City of Los Angeles for two office buildings with about 400,000 square feet cumulatively.
"This is normal practice for us to entitle the land and then sell those parcels to individual developers," said Doug Moreland, a Playa Capital senior vice president of development.
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