Broadway gets another Beverly Hills hit at Wilshire Rodeo.BROADWAY continues to play Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. . Broadway Real Estate Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control has agreed to buy the Wilshire Rodeo office and retail complex in Beverly Hills for $151 million, according to sources close to the transaction. If the deal is consummated as expected, it will represent Broadway Partners' second Beverly Hills purchase this year. In June, the New York-based firm paid about $70 million for the 12-story, 110,000-square-foot office building at 9701 Wilshire Blvd. Both purchases come less than six months after Broadway Partners hired L.A.-based Douglass Emmett & Co. acquisitions director Scott Sorensen to oversee the West Coast expansion. Broadway Partners is buying the 237,000-square-foot Wilshire Rodeo at 9560 Wilshire Blvd. from the Florida State Board pension fund managed by Chicago-based real estate investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and Heitman LLC. While Beverly Hills office rents are some of the highest in Los Angeles County, at $2.80 a foot in the third quarter, the city's average office vacancy rate climbed to 13.5 percent, according to Grubb & Ellis Co. The Florida State Board bought the building in 1995 from Citicorp Real Estate for $81 million. The building was once the headquarters of junk bond junk bond, a bond that involves greater than usual risk as an investment and pays a relatively high rate of interest, typically issued by a company lacking an established earnings history or having a questionable credit history. firm Drexel Burnham Lambert Drexel Burnham Lambert was a major Wall Street investment banking firm, which first rose to prominence and then was driven into bankruptcy in the 1980s by its involvement in illegal activities in the junk bond market, driven by Drexel employee Michael Milken. . Today, the building contains 197,000 square feet of premium ground floor retail space leased to stores that include Nike and Burberry. Tenants in the overhead office space, which is nearly 90 percent leased, include UBS AG, United Talent Agency and Merrill Lynch & Co., among others. Calls to Broadway Partners weren't returned. The seller was co-represented by Eastdil Realty Co. and Secured Capital. San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. Business Journal reporter Shelly Garcia contributed to this column. Staff reporter Andy Fixmer can be reached at (323) 549-5225, ext. 263, or at afixmer@labusinessjournal.com. |
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