Murdock Plaza Sold for $130 Million

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Murdock Plaza, a 17-story red-brick office building in Westwood that boasts VIP tenants such as ex-Mayor Richard Riordan and philanthropist Eli Broad, has been acquired for $130 million, the Los Angeles Times reports.


The tower at the intersection of Wilshire and Westwood boulevards was completed in 1981 by billionaire investor and developer David H. Murdock, who still occupies a suite there.


The building also houses the exclusive Regency Club, which is one of the first private clubs in Los Angeles to admit women as members. When Murdock opened the dark-paneled Regency for dining and business meetings, the Jonathon and California clubs were still men-only.


“Murdock Plaza has a reputation and prestige that is difficult to match in the marketplace,” said Marc Rendard of Cushman & Wakefield, the real estate brokerage that represented New York-based seller Sumitomo Life Realty Inc. in the deal. “There was interest in buying it from all over the country and abroad.”


Rendard did not disclose the name of the buyer, but industry newsletter Real Estate Alert identified him as Kambiz Hekmat. Businessman Hekmat developed and owns Center West, a 22-story high-rise across Wilshire from Murdock Plaza that he completed in 1990.


Hekmat did not respond to requests for comment, but Rendard predicted the new owner “would elevate the quality of the building.”


Although the property has a glamorous history and prominent tenant roster, it has been outshined in recent years by newer offices in the area, and observers say it could be upgraded to more modern standards.


Read the full L.A. Times story

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