X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BEVERLY HILLS, CA-Office-suites provider Synergy Workplaces has signed an $11-million deal for a 10-year lease on 25,500 sf of office space at 9701 Wilshire Blvd., according to Madison Partners. The deal was one of four leases totaling 35,600 sf and valued at $14.4 million that tenants signed at the office project recently.Besides Synergy, the tenants who signed included Neiman Marcus Group Inc. in a 10-year renewal valued at $2.4 million, along with Bigel Entertainment and Life Motivations, who signed for 2,900 sf and 2,000 sf respectively in leases valued at a combined $1 million. Landlord 9701 Wilshire Fee LLC, an affiliate of Broadway Partners of New York City, was represented in all four leases by Hunt Barnett, Gary Weiss and Travis Landrum of Madison Partners, who also represented Synergy. Neiman Marcus was represented by Steve Wiseman of CB Richard Ellis, Bigel Entertainment was represented by Jeff Cowan of Studley and Life Motivations was represented by Tom Korey of First Property.Broadway Real Estate Partners acquired the 9701 Wilshire building for $37.6 million in the summer of 2004 in what was its first acquisition in the Los Angeles office market. The building, in the Beverly Hills Triangle, is a 12-story, 109,757-sf class A office building.The 9701 building, built in 1973, is within walking distance of Rodeo Drive’s restaurants, retail shops and hotels. Barnett describes 9701 Wilshire as one of the most popular business addresses in the Beverly Hills submarket. According to the second-quarter Los Angeles County office market report issued recently by CB Richard Ellis, vacancy stood at 14.1% in the Beverly Hills submarket at the end of the quarter, with average asking lease rates of just under $2.80 per sf per month.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.