According to Cliff Goldstein, senior partner with the Snyder Co., the office portion of the Crescent project reached 95% occupancy recently when Wachovia Bank signed a 10-year, $3.7 million deal for a 5,624-sf retail branch at the project. The 88 apartments are 100% leased, and only 1,700 sf of retail space remains available.
Goldstein says that the demand for office space is so strong in Beverly Hills that, "If our building were three times as large, we'd have leased it just as quickly." Many of the tenants wanted more space, he adds.
The office building is close to the Spago restaurant and the Rodeo Drive shopping district. Tenants include Pacific Capital Group, which leased the top two floors of the building; a Wells Fargo Bank mortgage office; Transwestern commercial real estate and the street-level Wachovia Bank branch.
The residential portion of the Crescent project, which features a landscaped entry court, was the first apartment complex to be developed in the City of Beverly Hills in 25 years. It comprises 12 two-story brownstones and 76 luxury townhouse apartments.
The project was designed by the architectural firm of Van Tilburg, Banvard & Soderbergh of Santa Monica. Its 534 parking spots, on three levels, include 307 designated for commercial use and 227 for residents.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.