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.
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Camden Properties and Camden Land Corp. sold the building to StarPoint, according to The Real Deal. Madison Partners’ Bob 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.”
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