BEVERLY HILLS, CA—The Rockefeller Group Investment Management Corp. has acquired an office property portfolio on Civic Center Drive in Beverly Hills from Tishman Speyer for an undisclosed amount. The 236,000-square-foot portfolio includes UTA Plaza and the Ice House, and is 100% occupied by Playboy Enterprises, United Artists Talent Agency and the Live Nation headquarters.
“We have been targeting Los Angeles’ westside for new investments, and we particularly like the Beverly Hills submarket,” John A. Rivard, SVP and managing director of Rockefeller Group, tells GlobeSt.com. “Our current investment effort is to acquire core office assets in the major gateway markets of New York, Boston, San Francisco, Washington D.C. and Los Angeles. These are high-quality, fully leased, well-located properties, so they represented an excellent opportunity for us.”
Built in 1985, UTA Plaza has two, four-story buildings, totaling 191,000 square feet. Built in 1925 for an ice manufacturer, the Ice House is a four-story, 45,000-square-foot building. The two properties, located at 9336, 9346 and 9348 Civic Center Drive, sit on 3.4 acres. The class-A properties are in pristine condition, and Rockefeller does not plan to perform any renovations. “The properties were recently renovated and leased, and are in first-class condition,” says Rivard.
The portfolio is fitting considering Rockefeller’s investment strategy of purchasing quality assets in gateway markets, especially because the portfolio is 100% occupied. “Today, institutional investors, particularly foreign, are focusing assets that provide stability, liquidity, long-term value and appreciation. With its current 100% occupancy, this investment fits very well,” says Rivard, who joined the Rockefeller Group in December of last year from Soundport Capital, where he was the founder and president.