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INDUSTRY NOTES

Koll Purchases Beverly Hills Office Building

October 22, 1985|ROBERT HANLEY

The Koll Co. said Monday it has purchased a 10-story office building in Beverly Hills for $2.1 million and will name it in honor of United Artists, which will lease the structure's two top floors for its corporate headquarters. The 100,000-square-foot building was purchased from Beverly Hills Federal Savings & Loan Assn.

A spokesman for the Koll Co. said the purchase price paid by the Newport Beach developer included an adjoining five-level parking garage.

Company officials said that with the United Artists lease, the building's occupancy rate jumped from 38% to 70%. Koll said it expects the building to be 85% full by the end of 1985. During the last year, Kgll has made 15 acquisitions totaling 2 million square-feet. The Irvine-based construction and building management company owns and manages 17 million square feet of commercial space on the West Coast.

FOR THE RECORD
Los Angeles Times Wednesday October 23, 1985 Orange County Edition Business Part 4 Page 2 Column 6 Financial Desk 1 inches; 23 words Type of Material: Correction
Newport Beach-based Koll Co. paid $21.5 million for a 10-story building in Beverly Hills. The Times reported the purchase price incorrectly in Tuesday's editions.

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