Mani signs for $160 million purchase of sunset strip tower.

MANI Brothers Real Estate Group is under contract to buy Luckman Plaza, a prized tower on the Sunset Strip, for close to $160 million.

The 300,000-square-foot tower at 9200 Sunset Blvd. in West Hollywood drew several rounds of competitive bidding that finally drove the price up to around $530 a foot--a nearly unheard of sum for an office building in the submarket.

Joseph Mani confirmed the company is under contract to buy Luckman Plaza. Mani Bros. already owns four office buildings on the Sunset Strip.

"We think it's a fabulous project that fits exactly what we look for," said Mani. "It's a Class A building in a Class A location."

The 13-story tower was developed by noted architect Charles Luckman, who, along with fellow architect Bill Pereira, was master planner of Los Angeles International Airport. Luckman was also the designer of many of L.A.'s iconic structures such as the Great Western Forum.

Since its opening in 1971, the building has been held by the Luckman family. Luckman built the structure at the western edge of the Sunset Strip to house his firm's offices.

He also included a 10,000-square-foot penthouse apartment with a rooftop swimming pool for him and his wife.

The property consists of two buildings. Luckman Plaza fronts Sunset Boulevard, with a three-story building tucked behind it--separated by a courtyard with water fountains.

Luckman Plaza has a good reputation among office brokers, who said the family had maintained the property to a high standard. Rental rates at the office building are well above the West Hollywood/Hollywood average of $2.54 a foot.

Several entertainment firms are located in the building, including Abrams Artists & Associates Ltd. Disgraced private investigator to the stars Anthony J. Pellicano also once had offices in the building.

Calls to Eastdil Secured, which had the listing, weren't returned.