The selling price for the neo-Georgian landmark in the Golden Triangle of Beverly Hills was not disclosed, but Platinum, an international firm that acquires and operates technology companies, is believed to have paid about $50 million for the property. Some industry sources said Global Crossing founder and chairman Gary Winnick was asking $60 million for the property. Steve Solomon, an Insignia/ESG broker involved in the deal, would not say how much the property sold for, but he tells GlobeSt.com that Platinum "did not pay anything near" $60 million.

Solomon and Craig Meyer, both of Insignia's Century City office, represented Platinum Equity in the transaction. Mike DeSantis and John Cushman of Cushman & Wakefield in Downtown Los Angeles represented the selling entity, North Crescent Realty of Beverly Hills, a Winnick affiliate.

No date has been set for Platinum Equity to move into the new headquarters, but Solomon tells GlobeSt.com that some time will be required for tenant improvements for the new occupant of the building. Global Crossing, which filed for bankruptcy in January 2002 with more than $12 billion in debt, moved out of the property late last year. The North Crescent Plaza office complex, as it is known, consists of two buildings of approximately 100,000 sf and 24,000 sf at 360 N. Crescent Dr., with Winnick still maintaining offices in the smaller of the two.

Platinum Equity was considering leasing and acquisition options in a search for a new headquarters, according to Solomon, who says low interest rates, the quality of the property and its historic and architectural significance made the purchase appealing to the buyer. The North Crescent complex sits on 2 1/2 acres and has been known as an architectural landmark since the 1930s.

Originally conceived as headquarters of the Music Corp. of America (MCA), the property was purchased and enlarged by Litton Industries in mid-1960s. It was acquired in 1998 as the corporate headquarters of Global Crossing and Winnick's Pacific Capital Group.

The complex, which fronts both 360 N. Crescent Dr. and 9370 Santa Monica Blvd., was designed by architect Paul Revere Williams, the first African American Fellow of the American Institute of Architects. Its posh interior features a theater, projection room, radio station, gymnasium and hidden bar that swings into position at the touch of an electronic button. New owner Platinum Equity, since its founding in 1995, has completed more than 40 privately funded transactions involving high-tech firms.