Former William Morris building sold in Beverly Hills
A Beverly Hills office building that once belonged to the famed William Morris Agency has been sold for $42 million to a Santa Monica real estate investment trust.
Douglas Emmett Inc. paid New York investment firm Brickman $570 a foot for the three-story building at 150 S. Rodeo Drive just south of Wilshire Boulevard, real estate broker Marc Renard of Cushman & Wakefield said.
The structure, completed in 1991, was part of a three-building headquarters complex sold by the legendary talent agency in 2008 for about $783 a foot to investors from Chile and Dallas. William Morris merged with rival Endeavor in 2009 to form William Morris Endeavor.
The Rodeo Drive building is nearly fully leased and houses a private screening room. It was sought after by a large group of institutional buyers, said Bruce Brickman, president of Brickman.
“The irreplaceable nature of the asset combined with the high barriers to entry in this market generated global investor interest,” broker Renard said. “Investors from Indonesia, Greece, Korea, Germany and the Middle East all pursued this iconic asset.”
-- Roger Vincent
Photo: Office building at 150 S. Rodeo Drive, Beverly Hills. Credit: Brickman