Rockefeller Acquires UTA Plaza and the Ice House Properties

Rockefeller Group Investment Management, which coordinates the real estate investment activities for The Rockefeller Group, announced that it has acquired an office building portfolio in Beverly Hills, CA from Tishman Speyer for an undisclosed amount. The 236,000 square foot portfolio on Civic Center Drive includes UTA Plaza and The Ice House, consisting of 9336, 9346 and 9348 Civic Center Drive. Eastdil Secured was the sole advisor involved in the transaction.

"We remain focused on acquiring high quality assets in gateway markets, and we are very pleased with the strong fit offered by these properties in West Los Angeles," said Atsushi Nakajima, president and chief executive officer of The Rockefeller Group.

"These are distinctive properties in an established institutional market," said Dennis Irvin, president and chief executive officer of Rockefeller Group Investment Management. "They represent premier assets with prominent tenants, in a highly desirable submarket with supply constraints, all of which combine to offer stability, liquidity and good long-term prospects."

According to a Commercial Property Executive article, the property was 100% leased at the time of the sale, with major tenants including United Talent Agency, Playboy Enterprises, and Live Nation Worldwide.

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Live Nation HQ Sold for $20M

Tishman Speyer bought the office building at 9348 Civic Center Drive in Beverly Hills, CA this month for $20 million from Beverly Hills Ice House Investment Ltd., a group formed by Michael Ovitz and other partners. The property, also known as the Ice House, was previously sold for $3.3 million in 1993 and $10.5 million in 1989 according to CoStar Group information.

The Ice House serves as the world headquarters for Live Nation Entertanment, which merged with Ticketmaster last year. Live Nation will remain at the building under a long term lease until at least 2020. The 44,673 square foot building was originally built in 1925 as an ice storage plant and renovated in the 1990s for office space with design from Barton Myers. The Ice House is next door to Hilton Hotels' former 184,305-square-foot corporate office complex, a property Tishman purchased nine months ago and is currently renovating.

"We have confidence in the long-term strength of the market in Beverly Hills and elsewhere in Los Angeles, and we have assembled a group of attractive, strategically-located office properties that appeal to high-end users," said Mark Laderman, Tishman's regional managing director, in an LA Times article.

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Former William Morris Building Sold for $42M

The 74,000 square foot office building at 150 South Rodeo Drive in Beverly Hills traded hands this month for $42 million according to a Los Angeles Times article. Real estate investment trust Douglas Emmett, Inc. bought the property from New York City-based Brickman for $568 per square foot. Built in 1991, the office building was 75% leased at the time of purchase.

The $42 million price "is reflective of the location and the interest that a place like Beverly Hills commands today," said Marc D. Renard of Cushman & Wakefield, which arranged the sale. "There are only two institutional quality office buildings in the world that have a Rodeo Drive address, and this is one of them." Bruce Brickman, president of privately held Brickman, also cited the quality and location of the building, saying "We are very pleased with the results that Marc and his team achieved."

For more news and information visit Blumberg Capital Partners.