Casden to sell his Beverly Hills HQ and other properties.BILLIONAIRE developer Alan Casden Alan I. Casden (born 1945) is a self-made real estate billionaire who lives in Beverly Hills, California. He is an accounting graduate of what is now the Leventhal School of Accounting at the University of Southern California. Mr. has put three high-profile 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. office buildings on the market, including his company's headquarters. A subsidiary of Casden Properties Inc., in partnership with New York-based Blackacre Capital Management LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , is looking to collect around $55 million for the three Wilshire Boulevard Wilshire Boulevard is one of the principal east-west arterial roads in Los Angeles, California, United States. It was named for H. Gaylord Wilshire (1861-1927), an Ohio native who made and lost fortunes in real estate, farming, and gold mining. properties. The Class A buildings at 8942, 9090 and 9150 Wilshire Blvd. cumulatively have 209,000 square feet of space and are fully leased. The buildings are being sold as a package. Casden is on the top floor of 9090 Wilshire Blvd., but he may move the firm in a year or two. The lower floors of 9090 Wilshire Blvd. have been converted for medical office tenants. Meanwhile, talent agency International Creative Management Inc. occupies 8942 Wilshire Blvd. And Paramount Pictures Corp. chief executive Brad Grey's production company, Brillstein-Grey Entertainment, occupies much of 9150 Wilshire Blvd. The properties were on the market early last year but taken off when bids came in low. However, the process this time around has been fast-paced, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Stephen Somer, a senior vice president with Secured Capital Corp., which has the listing. A final buyer could be selected within the next several weeks, he said. The Casden-Blackacre partnership, which developed 9090 and 9150 Wilshire, came to a joint decision to sell the buildings. One draw back to the properties: both 8942 and 9150 Wilshire Blvd. are on long-term ground leases. Still, demand for Beverly Hills office buildings is high. The posh city remains one of the strongest rental markets in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County. At the end of December, the city's average vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rate hovered around 8 percent, below the county average of 11.5 percent. The average asking rents were nearly $3 a foot a month, higher than the county average of $2.55, according to Grubb & Ellis Co. data. |
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