CIM Group Acquires Beverly Hills Complex for $47.8M
- Jan 01, 2012
By Alex Girda, Associate Editor
A noted Beverly Hills office property recently changed hands when CIM Group purchased the former headquarters of the William Morris talent agency from New York-based investment firm Brickman for $47.8 million, according to the Hollywood Reporter. Located at 150 and 151 El Camino Drive near the Rodeo Drive shopping district, the three-story, 116,000-square-foot building traded for about $412 per square foot.
CIM Group acquired the property at a considerable discount from its previous trade only three years ago. Cape Horn Group, a Chilean firm, and Lincoln Property Co. paid William Morris $143 million for the two El Camino Drive properties plus a third building at 150 S. Rodeo Drive. That Sept. 2008 deal worked out to $783 per square foot, pricing that surprised local real estate professionals at the time. Brickman originated a mezzanine loan on the properties and acquired a junior participation in the portfolio’s senior loan in 2009, according to the company’s Web site.
William Morris’ music division still occupies 150 El Camino, but plans to move from that location in the near future, according to media sources. The neighboring building at 151 El Camino is currently vacant. Known as William Morris Endeavor Entertainment L.L.C. following a 2009 merger, the firm is now headquartered at 9601 Wilshire Boulevard in Beverly Hills.