StarPoint Properties, a Beverly Hills-based real estate investment firm, has purchased the 12-story, 207,000-square-foot office tower at 433 N. Camden Drive – the tallest such tower in Beverly Hills – for $193 million, or around $930 per square foot, from Camden Properties Ltd.
Bob Safai of Madison Partners was the listing broker.
The property, known as the Wells Fargo Building, was built in 1972 and renovated in 2003. It’s also located near the StarPoint Properties office.
“To say I’ve had my eye on this property is more than a figure of speech,” said StarPoint Properties CEO Paul Daneshrad in a statement.
He also said StarPoint plans to renovate both the interior and exterior of the building and to bring full-service retail to the property as well.
“The property will become a profit engine the helps StarPoint and our tenants achieve a bottom line that is commensurate with the world-class location,” Daneshrad said.
Real estate reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.
For reprint and licensing requests for this article, CLICK HERE.