BEVERLY HILLS, CALIF. — Douglas Emmett Inc. has purchased a Beverly Hills office building from New York-based investment firm Brickman for $42 million. The property traded at a price of approximately $570 per square foot.
The three-story, Class A property is located at 150 S. Rodeo Drive, less than a block from the intersection of Rodeo and Wilshire Boulevard. Constructed in 1991, it totals 73,753 square feet. It features a grand marble lobby, a 53-seat screening room and a rooftop deck.
Cushman & Wakefield's Capital Markets Group, led by Marc Renard, represented Brickman in the deal. In a statement Renard said, “The irreplaceable nature of the asset, combined with the high barriers to entry in this market, generated global investor interest.” Bruce Brickman, president of Brickman, added that many of the potential buyers were also institutional firms.
— Coleman Wood