BEVERLY HILLS, CA-Tishman Speyer has acquired the former headquarters of Hilton Hotels Corp. The two four-story class A buildings, totaling 185,000 square feet, became available in 2009 when the hotel company moved its corporate offices to Virginia.

The buyer acquired the property from Hilton in a deal that was brokered by Cushman & Wakefield executive managing director Marc Renard and vice chairman Eric Olofson. Tishman Speyer was represented by senior managing director John Miller.

The class A office buildings, at 9336-9346 Civic Center Dr. and adjacent to City Hall, sit on 2.6 acres and are connected by a skybridge. The buildings feature 18 individual balconies, with other on-site amenities and a large underground parking garage. The property is within walking distance of the Rodeo Drive shopping district.

The transaction "increases Tishman Speyer’s already-considerable investment presence in the upscale submarket, where it is one of the largest office landlords," according to a statement by the company. Its other local holdings include Beverly Mercedes Place, 407 North Maple and Maple Plaza, in addition to properties elsewhere in Los Angeles.

The buildings were completed in 1985, with some renovations completed in 2004-2008. Tishman Speyer says it will execute a program that will include re-landscaping the exterior grounds, renovating the lobbies, upgrading the elevators, making other modernization improvements and repositioning the property so that it can accommodate multiple tenants as well as a single user. Tishman Speyer's John Ollen will handle the leasing in-house.

Terms of the sale were not disclosed. Miller said in the announcement: “With the strong relationships we have established with high-end users here in Los Angeles and around the globe, and with the office sector now showing signs of continuing improvement, we feel confident in our ability to market this property successfully.”