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StarPoint Acquires Beverly Hills Office Building For $193M

A week after selling two apartment complexes in Los Angeles and San Bernardino for $122M, Beverly Hills-based StarPoint Properties announced it has used the proceeds to close on a 12-story office tower in Beverly Hills for $193M.

Built in 1972, the 207K SF office building at 433 North Camden Drive is dubbed the Wells Fargo building because the bank is a main anchor tenant.

Wells Fargo building at 433 North Camden Drive in Beverly Hills

Camden Properties and Camden Land Corp. sold the building to StarPoint, according to The Real Deal. Madison PartnersBob Safai was the listing broker.

In a news release, StarPoint officials said they jumped at the chance of acquiring one of only 16 Class-A office properties in Beverly Hills’ golden triangle, a several-blocks-wide triangular-shaped area centered around Rodeo Drive and luxury retailers, restaurants and upscale hotels.

StarPoint CEO Paul Daneshrad called the acquisition a once-in-a-lifetime opportunity.

“To say I’ve had my eye on this property is more than a figure of speech,” Daneshrad said in a news release. StarPoint’s headquarters overlooks the Wells Fargo building.

“For years, I’ve had a visual reminder of the enormous potential value of the building’s size and high-demand luxury location,” Daneshrad said. “I’ve also understood the long-term investment needed to reach that potential. Our plans will truly transform the property and create a fresh experience for both tenants and the public.”

Last week, StarPoint announced it had sold two apartment complexes: the 259-unit LaFayette Parc Apartments in West Covina for $74M, and the 232-unit Foothill Ridge Apartments in Upland for $48.25M.

This is the second large office acquisition in the golden triangle in as many years. Late last year, office REIT Douglas Emmett purchased a 12-story Class-A office building on Wilshire Boulevard for $144M. 

StarPoint officials said they plan to renovate and modernize the building. Plans include transforming a 6,500 SF deck on the fourth floor into an open-air lobby with lots of natural light and a sculpture garden.

“StarPoint will modernize indoor and outdoor spaces, update existing office spaces and provide amenities that match its [premier] location at the western edge of Rodeo Drive’s legendary shopping experience,” Daneshrad said. “The property will become a profit engine [that] helps StarPoint and our tenants achieve a bottom line that is commensurate with the world-class location.”