Sep 29, 2008 10:25 am US/Pacific
William Morris Complex Sells For $143M
BEVERLY HILLS
-
-
William Morris said Friday that it would stay at its current site as a tenant until 2010, when it expects to move into an environmentally friendly building under construction on nearby North Beverly Drive, The Times reported.
CBS
The venerable William Morris talent agency has sold its Beverly Hills headquarters complex for $143 million to a consortium led by South American investors, it was reported Monday.
The price amounted to $783 a foot, about twice the average price of an upscale Los Angeles office building, but the buyers, a partnership consisting of Cape Horn Group of Chile and Lincoln Property Co. in Dallas, aren't complaining, the Los Angeles Times reported.
"We are extremely happy with the properties," Eduardo Covarrubias, a co-
founder of Cape Horn Group, told The Times in a telephone call from Chile.
Owning them offers a sense of financial certainty in an uncertain era, he said.
"They give us ideal protection from inflation at a time when there is turmoil in the financial sectors," Covarrubias told the newspaper. "We're putting our money into hard assets that are going to preserve their value."
William Morris said Friday that it would stay at its current site as a tenant until 2010, when it expects to move into an environmentally friendly building under construction on nearby North Beverly Drive, The Times reported.
The three-building complex, dating to the early 1950s, holds down a prestigious corner near the intersection of Wilshire Boulevard and Rodeo Drive and hasn't been on the market before.
It drew strong interest from investors even though financing for real estate deals has nearly dried up in recent months because of the global credit crunch, David Binswanger, who heads Lincoln Property's L.A. office, told The Times.
(© 2008 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)
Click to enlarge
Stumble It!
