The property, a two-story building that was 95% occupied at the close of escrow, is at 9399 Wilshire Blvd. Herzig notes that the deal closed at a cap rate of less than 1% and a price per sf of $1,016.
New Pacific, which early in 2007 sold an eight-acre multifamily site at 9900 Wilshire Blvd. for $500 million, plans to use the top floor of the 9399 Wilshire building as its new corporate headquarters. The company plans to remodel the face of the building, which is at the corner of North Canon Drive.
Built in 1954, the property houses retail tenant Johnathon Arndt Gallery of Jewels, which occupies the first floor. Herzig calls the site “an irreplaceable location—at the edge of Beverly Hills’ Golden Triangle and the entrance to North Canon Drive.”
The property is two doors from Wolfgang Puck’s Spago restaurant, within walking distance of Rodeo Drive and one-half block from a new five-star Montage Hotel that is under construction and scheduled to open next fall.
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