A Beverly Hills office building popular with entertainment industry tenants has sold for $80 million to New York real estate investment manager Clarion Partners. The property at 100 N. Crescent Drive is home to record industry giant Concord Music Group, movie maker Village Roadshow Pictures and RealD Inc., the world's leading supplier of 3-D technology to cinemas.
The 120,000-square-foot, four-story building at the intersection of Crescent and Wilshire Boulevard is one of the first fully occupied offices to be sold in Beverly Hills since the economic downturn. Most other large office sales in recent years then have involved troubled or vacant properties, said real estate broker Drew Hild of Highmark Advisors Inc.
"There is no play here -- this is not a flip," said Hild, who helped broker the deal. "This is the first trade of a fully occupied building since the recession."
The seller of the building was Clarity Partners, a private equity firm based in the building. Clarity bought the property in 2000 for about $37 million.