BEVERLY HILLS, CALIF. — The high-profile, eight-acre property at 9900 Wilshire Blvd., situated at the thoroughfare’s prominent intersection with Santa Monica Boulevard in Beverly Hills, has been acquired by investors from Hong Kong and Singapore for $148.3 million. Architect Richard Meier’s plan for the property, which was approved by the City of Beverly Hills in 2008, calls for 235 condominiums and 17,000 square feet of retail and restaurant space set amidst extensive gardens. After being acquired for $500 million in 2007, the property fell into foreclosure early this year and was acquired by Carlos Slim ’s Banco Inbursa, one of the lenders. Joint Treasure won a private bidding auction administered by Eastdil Secured and the law firm Skadden Arps. The law firm Allen Matkins Leck Gamble Mallory & Natsis advised Joint Treasure in the transaction. In the $148.3 million transaction, Joint Treasure was acting on behalf of three of its consortium partners: Chow Tai Fook Group of Hong Kong, the holding company for publicly held New World Group; Wee Cho Yaw Family Group of Singapore that invests in banks, commercial properties and hotels; and David Chiu of Far East Consortium International Limited, a commercial property and hotel developer. The investor group acquired in 1995 and still owns The Regent Beverly Hills Hotel.
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