Bisnow Exclusive: Why Faring Capital is Betting on a Resurgent Malibu
West Hollywood-based Faring Capital has just picked up a 17,550 SF office along the Pacific Coast Highway (PCH) in Malibu for $11.5M. Alfred Realty's Judd Zinberg (here with wife Jamie) repped the buyer with Johnny Steindorff at 4 Malibu Real Estate (below). Judd tells us the off-market deal is really all about the renaissance taking place in Malibu, including the Nobu Ryokan that's nearing completion across the street. The hotel concept is a partnership between the chef Nobu Matsuhisa and billionaire Larry Ellison, who bought the former Casa Malibu space for $20M back in 2007.
Johnny (here with sisters Jamie and Jessica) tells us another attraction is the SoHo House, which is headed for the 6,900 SF property on PCH where Larry Ellison's Nikita restaurant closed in December. The two-story property is along a stretch of PCH full of billionaires, including such neighbors as David Geffen (who recently sold the Malibu Beach Inn to Mani Bros for $80M) and Eli Broad. And let's face it, Malibu real estate values only move in one direction.
The building does have existing tenants, but the brokers tell us there will be some upgrades as Faring looks to cash in on the creative office boom. The two will be handling the leasing going forward and Judd says creative execs could look for a spot near all that's happening in the area. "It's just becoming more of a working community now," he says.