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IN BRIEF / REAL ESTATE

Beverly Hills building sells for record price

January 05, 2007|Roger Vincent

A Beverly Hills medical building has been sold for $42 million, or $626 a square foot, a record price for a Los Angeles County office property.

The four-story, 67,000-square-foot building at 120 S. Spaulding Drive was acquired by Beverly Hills investment firm Cambra Realty and New York investment advisor Angelo Gordon & Co., said real estate broker Bob Safai of Madison Partners.

Large investors are still eager to own real estate, and "there is a huge appetite for Class A, well-located properties in Southern California," said Safai, who represented seller Arden Realty Inc.

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