Tishman Speyer has completed its second successful office sale in Beverly Hills this year, selling 9242 Beverly Blvd. to Envision and Faring for $90 million, equivalent to $675 per square foot.
The building was originally purchased by Tishman Speyer in 2005 for approximately $38 million and has since been leased out to private investment firm Post Real Estate Group and Miller-DM, who have established a Mercedes-Benz luxury vehicle franchise at the location.
According to Paul Galiano, senior managing director at Tishman Speyer, this latest transaction is a testament to their successful investment strategy at 9242 Beverly. The high-quality environment created by the company continues to attract businesses looking for inspiring office space in the heart of Beverly Hills.
In August of this year, Tishman Speyer also sold another property in Beverly Hills -407 North Maple Dr.-to apparel brand Fashion Nova for $119.7 million or $685 per square foot. Originally acquired by Tishman Speyer back in September 2005 for $71.9 million,the creative office campus will now serve as Fashion Nova’s new headquarters.
