BEVERLY HILLS, CALIF. — StarPoint Properties has purchased an office building, located at 433 N. Camden Drive in Beverly Hills. The original owner sold the 12-story asset for $193 million.
StarPoint plans to renovate the property, which was built in 1972 and is known as Wells Fargo Building due to the banking tenant’s rooftop signage. The 207,432-square-foot building has not been renovated in 15 years and falls 25 percent below the market’s average rent of $48.24 per square foot — creating an opportunity for StarPoint, which specializes in acquiring and repositioning undervalued properties.
Renovation plans, although not finalized, include transforming a 6,500-square-foot deck on the fourth floor into an open-air lobby that emphasizes natural light and features sculpture gardens and an improved façade.