HFF announces $69.25M sale and $51.5M financing of 9171 Wilshire in Beverly Hills
LOS ANGELES, CA – May 7, 2018 – HFF announces the $69.25 million sale and $51.5 million financing of 9171 Wilshire Drive, a 106,890-square-foot office building in Beverly Hills, California.
The HFF team represented the seller, and procured the buyer, a joint venture between Cruzan and Cigna Investment Management. Additionally, the HFF team worked on behalf of the buyer to secure the acquisition loan through Mesa West Capital.
9171 Wilshire is located along one of the city’s busiest thoroughfares centrally located between Downtown LA, Hollywood, Century City and West Los Angeles. The property is in close proximity to the Golden Triangle, a premier tourist destination defined by high-street retail along Rodeo Drive, upscale dining and luxury hotels. Additionally, 9171 Wilshire is easily accessible to the 405 and 10 Freeways and will be served by the future Metro Purple Line Extension. The six-story office building is 83 percent leased to a mix of entertainment, financial, legal and real estate tenants, including Avalon Holdings, Kaplan Perrone Entertainment and Mejia & Kaplan.
Cruzan plans to substantially renovate the entire building with the hope of capitalizing on the strength of the Beverly Hills office submarket. While the scope of work is still being finalized, it is likely to include a new building lobby, new multi-tenant corridors and restrooms, and addition of a shared amenity space. The new ownership also plans to transform the current vacancies into contemporary work spaces, catering to companies that are seeking to retain and recruit top talent.
The HFF investment advisory team representing the seller consisted of managing director Andrew Harper, associate Matthew Fisher and Ryan Gallagher.
HFF’s debt placement team representing the borrower included senior managing director Paul Brindley, managing director Todd Sugimoto, director Steven Paskover and associate Ryan Ash.
“This was an extremely rare opportunity to acquire an asset with significant upside in one of the most sought after core markets in the world,” said Harper.
Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
Cruzan is a Southern California-based commercial real estate company formed in 2002. Cruzan’s focus is on the transformation of office, flex or industrial assets into market leaders. This is achieved through re-development, repositioning, management, leasing, and an aggressive operational/amenity push. Since 2012, Cruzan has acquired approximately $1 billion of assets. Its current office portfolio is in excess of 2.3 million square feet with a significant concentration of creative/high utility office properties. With its headquarters in Solana Beach, CA, Cruzan has local offices in Los Angeles, Orange County, and Portland, OR. For more information on the firm, please visit: cruzan.co.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.