Real estate company StarPoint Properties has purchased the 12-story Beverly Hills office tower at 433 North Camden Drive for $193 million, around $930 per square foot. The property, also known as the Wells Fargo Building, will undergo renovations to include new retail and dining spaces.
Built in 1972, the 207,432-square-foot building is located only three blocks away from the StarPoint headquarters at 450 North Roxbury Drive. “To say I’ve had my eye on this property is more than a figure of speech,” said Paul Daneshrad, CEO at StarPoint. “For years, I’ve had a visual reminder of the enormous potential value of the building’s size and high-demand luxury location. I’ve also understood the long-term investment needed to reach that potential. Our plans will truly transform the property and create a fresh experience for both tenants and the public.”
StarPoint’s redesign plans include updating the existing offices to feature amenities that match the building’s premiere location and transforming the 6,500-square-foot deck on the fourth floor into a world-class, open-air lobby. Currently, the property falls 25 percent below the market’s average rent of $48.24 per square foot, as it hasn’t been renovated in 15 years. StarPoint plans to turn it into a full-service retail and office destination.
According to the Commercial Observer, Natixis provided a $95 million floating-rate loan to facilitate the purchase. Matt Case, Senior Executive Director at Madison Partners, arranged the debt. Ralph Shapiro, an attorney managing commercial real estate portfolios, was the seller and Bob Safai of Madison Partners was the listing broker on the deal.