Tishman Speyer today announced the sale of 9242 Beverly Boulevard in the iconic Beverly Hills neighborhood of Los Angeles to Envision and Faring for $90 million, which equates to $675 per square foot.
Tishman Speyer acquired 9242 Beverly in 2005 for approximately $38 million and subsequently secured leases with private investment firm Post Real Estate Group and Miller-DM to establish a Mercedes-Benz luxury vehicle franchise at the building.
Located at the corner of Beverly and Santa Monica Boulevards and near Rodeo Drive, the 133,300-square-foot office building features flexible floorplates, light-filled workspaces and convenient access to some of the city’s best dining and shopping. Completed in 1990 and certified LEED Platinum, 9242 Beverly also boasts exclusive balconies with breathtaking views of Beverly Hills, an expansive interior courtyard that provides an outdoor office setting, and a reimagined entrance and lobby with a hospitality-infused design.
“This transaction demonstrates the success of our investment strategy at 9242 Beverly,” said Tishman Speyer Senior Managing Director Paul Galiano. “It is a testament to the high-quality environment we cultivated at the building, which continues to draw companies seeking inspiring office space in the heart of Beverly Hills.”
9242 Beverly is the second recent office sale for Tishman Speyer within the Beverly Hills market. In August, Tishman Speyer sold 407 North Maple Drive to apparel and lifestyle brand Fashion Nova for $119.7 million, which equates to $685 per square foot. Originally acquired by Tishman Speyer in September 2005 for $71.9 million, the creative office campus is set to become Fashion Nova’s new headquarters.
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 36 key markets across the United States, Europe, Asia and Latin America. Our portfolio spans market rate and affordable residential communities, premier office properties and retail spaces, industrial and data center facilities, and mixed-use campuses. We create state-of-the-art life science centers through our Breakthrough Properties joint venture, and foster innovation through our strategic proptech investments. With global vision, on-the-ground expertise and a personalized approach, we foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO, and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 560 properties, totaling 227 million square feet, with a combined value of nearly $128 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
