Real estate investment firm Concord Cos. has acquired a 21,533-square-foot office building in Beverly Hills in a $17.5 million off-market transaction.

Yoav Sarraf, managing partner of subsidiary Concord Realty Partners, oversaw the purchase on behalf of the parent company. Hunt Barnett and Tony Price of L.A. Realty Partners represented the undisclosed seller in the transaction.

Ruben Bohbot of George Smith Partners arranged financing for the transaction.
The building has served as Concord’s corporate headquarters since 2014. The opportunity to purchase the property came as the result of a long-standing relationship developed with the seller over the course of many years. Located at 449 S. Beverly Drive, the property is currently 78% leased, with Concord occupying the majority of the building, primarily on the ground floor.

Concord plans an extensive renovation and modernization of the building. The company plans to maintain the midcentury charm and heritage of the building, which was built in 1954.

“Concord’s vision is to have tactical jurisdiction over our own building, which better allows for continued growth across all facets of our operations,” Concord Chief Executive Reuben Robin said in a statement. “Our objective is to have a collection of like-minded and synergistic tenants that complement each other and can benefit from our investment and service divisions, creating an environment that is beneficial to everyone in the building.”

The purchase of the property is another strategy Concord has employed to expand within the Los Angeles market and to support its growth plans. The company has recently invested in two C-suite executives, Chief Investment Officer Samuel Landman and Cayla Kondo, chief marketing officer. Landman will head up capital raising for the firm, while Kondo will lead repositioning efforts of the parent company and its subsidiaries.