LOS ANGELES-Fifield Cos. of Chicago has sold its 1200 Club View luxury condominium tower, now under way next to the Los Angeles Country Club, to Dubai-based Emaar Properties for $95.8 million. The deal sets the stage for Emaar and locally based John Laing Homes Luxury Division to finish the 21-story project, which is scheduled for completion in the summer of 2009.
Emaar and Laing, which is based in Newport Beach and operates as a division of Emaar, will continue work that Fifield began in November last year after acquiring the site in 2004. Thus far, the foundations and underground levels have been completed at the development site, which is about a mile from Rodeo Drive and will feature views of Beverly Hills, Bel-Air, the Hollywood Hills and the Pacific Ocean when the tower is finished.
The condo development, at 1200 S. Club View Dr., is slated for only 35 units on the 21 floors, with asking prices reported to be in the millions for the units. The project is one of the highest-profile developments that Emaar and Laing have undertaken since Emaar acquired Laing last year for more than $1 billion.
Emaar Properties, one of the world's largest real estate companies, has real estate operations in more than 12 markets around the world, including India, Egypt, Turkey, Morocco, Syria, Pakistan and Saudi Arabia. The company's projects include the construction of the Burj Dubai, which will be the tallest building in the world upon completion in 2008.
The sale of the 1200 Club View project is the latest in a series of high-profile deals in Los Angeles for Fifield, which opened an office in Southern California in 2003 to oversee its projects here and launch new developments. Tim O'Brien, an SVP at Fifield, says that the company retains a strong commitment to continue developing in Southern California and other West Coast markets.
Both Fifield and Emaar Properties were represented by executive vice president Laurie Lustig-Bower of CB Richard Ellis in Los Angeles and managing director Nick Jopling in the London office of CBRE.
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