Faring and Envision Hotel Partners Acquire Beverly Hills Office Building for $90 Million
Joint Venture Makes Prestigious Office Market Entry
Jason Illoulian and fashion and hospitality entrepreneur Frank Zarabi have partnered to acquire one of Tishman Speyer’s two remaining Beverly Hills office buildings for $90 million. The joint venture, formed between Illoulian’s Faring and Zarabi’s Envision Hotel Partners, paid $668 per square foot for the 134,800-square-foot office building located at 9242 Beverly Boulevard.
Deal Terms
The acquisition was facilitated by Madison Partners’ Bob Safai and Matt Case, who represented Tishman Speyer. The sale price of $90 million works out to $668 per square foot, with the joint venture financing the deal through an unknown source.
Background on the Property
Tishman Speyer purchased the office building in 2005 for $38.3 million and outfitted the ground floor to welcome a Mercedes-Benz dealership. The carmaker continues to occupy the space, rolling out its latest wares behind double-height windows between Maple Drive and Santa Monica Boulevard. Offices on the upper floors are leased to private multifamily investment firm Post Real Estate Group.
Tishman Speyer’s Previous Deals
Earlier this year, Tishman Speyer sold the 175,000-square-foot 407 North Maple Drive to Fashion Nova founder and CEO Richard Saghian for $118 million, as previously reported by The Real Deal. This deal worked out to nearly $675 per square foot. The $90 million Beverly Boulevard deal "demonstrates the success of our investment strategy," said Paul Galiano, senior managing director at Tishman Speyer. "It is a testament to the high-quality environment we cultivated at the building."
Faring’s Recent Ventures
Faring has recently ventured into novel territory, forming a joint venture focused on affordable housing with Standard Communities in 2021. The firm is also building a 123-room boutique hotel on the site of the former nightclub The Factory in its Robertson Lane development at 645-681 North Robertson Boulevard.
Conclusion
The acquisition of the Beverly Hills office building by Faring and Envision Hotel Partners marks a significant entry into the prestigious office market for the joint venture. With a purchase price of $90 million, the deal demonstrates the demand for high-quality office space in the area.
FAQs
Q: Who acquired the Beverly Hills office building?
A: Jason Illoulian’s Faring and Frank Zarabi’s Envision Hotel Partners acquired the office building for $90 million.
Q: What is the square footage of the office building?
A: The office building has a total square footage of 134,800 square feet.
Q: Who represented Tishman Speyer in the deal?
A: Madison Partners’ Bob Safai and Matt Case represented Tishman Speyer in the deal.
Q: How much did Tishman Speyer originally pay for the office building?
A: Tishman Speyer purchased the office building in 2005 for $38.3 million.
