Terms of the deal were not disclosed, but Mani Bros. is believed to have paid about $33 million for the holding at 9201 W. Sunset Blvd. Mani says his firm plans to renovate the property, a nine-story structure that was built in the mid-1960s. It is approximately 70% occupied. He says the renovations will turn the property into "a class A medical tower."

Mani says the new acquisition--the third along Sunset Boulevard in recent years for the investment firm--fits the company's strategy of finding buildings that are unique or irreplaceable and upgrading them to add value. He calls the medical building a "true gem" for its location near Beverly Hills and near the Cedars-Sinai Medical Center. The proximity to Cedars-Sinai will make the renovated building more appealing to doctors and other medical tenants, Mani says, adding that his firm expects to offer rents lower than those of medical buildings in Beverly Hills.

Mani Bros. previously acquired both 8439 Sunset Blvd. and 9000 Sunset Blvd. Mani says the firm likes the Sunset Boulevard properties both for their near-term potential and as long-term assets.

Mani Bros. represented itself in the transaction. Joel Frank of First Property Realty Corp. handled the sale on behalf of Los Angeles-based Arden Realty, which had owned the medical building for about six years.

Founded in 1994 and headquartered Downtown, Mani Bros. is a privately held real estate investment firm that owns, renovates, operates, manages and leases more than one million sf of commercial property. The company's holdings include the 24-story 660 S. Figueroa St. in Downtown Los Angeles.