62.3 F
Los Angeles
Saturday, May 28, 2022

PROPERTY—Tallest Building in Beverly Hills Sold

In what is believed to be the first major commercial building sale in Beverly Hills this year, the city’s tallest building, located at 9701 Wilshire Blvd., has been sold to local real estate developer/movie producer Alex Winitsky for $32.9 million.

Selling the 12-story office tower was Pacific Eagle Holdings, a San Ramon-based company that is the U.S. unit of a large Hong Kong-based real estate family.

Pacific Eagle, in partnership with Lehman Brothers, bought the 105,000-square-foot building in 1997 for $27 million.

Beitler Commercial Realty Services represented Pacific Eagle in the new deal.

The sale to Winitsky is complicated by a dispute that arose with the building’s primary tenant, Hollywood talent agency Endeavor, which occupies three and a half floors. Endeavor had been subleasing one of those floors, and in the midst of the building being sold, its sublessor went out of business. Endeavor, which made expensive improvements to the space, insisted it retains the right to continue occupying the subleased space under the pre-existing terms.

But Pacific Eagle and Winitsky disagreed, arguing that rights to the space legally reverted back to the building ownership, and they ultimately prevailed in the dispute.

Endeavor officials were not available for comment last week, but a source familiar with the situation said the agency is still negotiating a direct lease for the floor with new-owner Winitsky.

As the building’s anchor tenant, Endeavor has the option to put its signage atop the building. But it has yet to exercise that right, so Mitsui Manufacturers Bank’s sign remains.

Featured Articles

Related Articles