Wilshire Boulevard Building Sells for $15 Million

Property sales across the nation have been on a downward spiral during the current economic climate. But in Beverly Hills, properties are still being sought by investors willing to pay premium prices.

One of those investors is Hudson Pacific Properties Inc. The company has acquired a leasehold interest for the six-story, 58,484-square-foot building at 9300 Wilshire Blvd. The deal was sealed with a $15-million all-cash transaction.

"Our team has extensive, previous experience owning and operating office buildings in Beverly Hills," Howard S. Stern, president of Hudson Pacific Properties, said in a press release. "Beverly Hills is a market that meets our acquisition investment criteria, and 9300 Wilshire is a solid addition to our overall office portfolio."

Hudson Pacific Properties has a portfolio consisting of about 2 million square feet in the Los Angeles, Orange County, San Diego, San Francisco, Silicon Valley and East Bay markets, according to Business Wire.

Stern described 9300 Wilshire as "a stabilized asset in a highly desirable market."

Located at the intersection of Wilshire Boulevard and Rexford Drive, the building is approximately 93 percent leased to a diverse mix of stable businesses including professional service firms, and finance, media and entertainment companies. Bob Safai of Madison Partners represented the seller, 9300 Wilshire Building LLC, in the transaction.

The office vacancy rate in Beverly Hills stands at 10.5 percent, with an average rent asking price of $3.51 per square foot, according to a report by Colliers International.