In a major real estate move, brothers Justin Mateen, Tyler Mateen and Pouya Abdi have successfully acquired the prestigious Wilshire Rodeo Plaza in Beverly Hills. The Class-A office and retail complex is situated at the prime location of Rodeo Drive and Wilshire Boulevard. This impressive 300,000-square-foot property spans an entire city block and consists of three six-story buildings that offer both office spaces and retail stores.
Previously owned by Nuveen, the property was purchased for a whopping $211 million. As part of their plans to revamp this iconic space, the new owners will be rebranding it as One Rodeo. Currently occupied by esteemed companies like Merrill Lynch/Bank of America, UBS bank,and entertainment giant William Morris Endeavor along with Encore Recordings,the Mateens intend to upgrade these buildings to attract high-end luxury retailersand corporate tenants.
According to Tyler Mateen – CEOof Cannon TTM,a renowned Los Angeles-based real estate investment firm – properties like One Rodeo are poised for success in today’s market due to increasing demand for top-quality assets post-COVID-19.
The buyers were advised on acquisition debt by Quantum Capital Partners before ultimately securing a loan from JPMorgan Bankto finance this transaction.Their successful purchase marks another milestone achievement in their growing portfolio as they continue making waves in California’s competitive real estate industry.
