NSB and Gehry Partners Acquire Marina del Rey Property; New Building to House Renowned Architect's World Headquarters.

News & Business Editors

LOS ANGELES--(BUSINESS WIRE)--Sept. 4, 2002

Internationally renowned architect Frank Gehry is moving the offices and design studio of his firm Gehry Partners to a prominent Westside building that will serve as the firm's new worldwide headquarters.

The building, located at 12541 Beatrice Street in the Marina del Rey section of Los Angeles, has 72,000 square feet of office, warehouse and studio space and was acquired by NSB Capital Partners. NSB Capital Partners is headed by Larry Field, a long-time Gehry friend who was aware that Gehry was searching for new space and that Gehry needed to move before the lease on his current space expires on December 31, 2002. Field was familiar with the Beatrice Street property, having first made an offer to acquire the property two years earlier. Gehry was especially interested in the property, the former West Coast headquarters for BMW, because of its airy, open feel, its garden environment, and its location. He continued to be interested in its acquisition even as he explored other existing buildings. A recent price reduction to below $10 million made the purchase of the Beatrice Street property attractive for NSB Capital Partners, and the transaction was completed on August 29, 2002.

The 30-year friendship between Field and Gehry, and the trust that had developed between the two during that time, allowed Field to generously offer Gehry Partners a part ownership in the property.

The Beatrice Street property serves the needs of Gehry Partners especially well, by allowing the firm's 125 member staff to work together on a single floor, rather than in the series of smaller, more isolated spaces spread over two floors in the firm's current facility, and by providing space to house facilities for two new ventures of Gehry Partners, known as Gehry Products and Gehry Technologies. In addition, the excellent condition of the Beatrice Street property, and its close proximity to the offices of long-time Gehry collaborator and friend Lee Clow of TBWA\Chiat\Day, made the opportunity especially attractive.

"This structure is just what we were looking for, and in just the right location," said Gehry. "It's a wonderful building that will lend itself to our creative pursuits and serve the business well."

Gehry plans to renovate the 40,000 square-foot warehouse portion of the building that he plans to occupy, and NSB Capital Partners will lease the remaining 32,000 square foot two-story creative offices. Potential tenants have already made inquiries on the space.

Gehry Partners includes Frank Gehry, and his senior associates Randy Jefferson and Jim Glymph. NSB Capital Partners, which is a prominent private real estate investment firm with more than 2 million square feet of property under ownership, is headed by Larry Field, with Kenneth Ayeroff, Glenn Freeman, and Kevin Mansfield as principals. NSB Capital Partners was assisted in the acquisition by Tim Macker of Coldwell Banker Commercial Westmac, representing NSB Capital Partners, and Pat Walsh of Commercial Property Group and Robert Dubbins of CB Richard Ellis, representing the sellers.

Frank Gehry has an international reputation for his visionary and revolutionary architectural designs, and has established a new paradigm for public buildings worldwide. His projects -- including the Guggenheim Museum Bilbao in Bilbao, Spain; the Nationale-Nederlanden Building in Prague, Czech Republic; and the Frederick R. Weisman Museum in Minneapolis, Minnesota -- draw worldwide attention. In its five years of operation the Guggenheim Museum Bilbao has attracted nearly 5 million visitors and generated some $500 million in economic activity. Gehry's design for the Walt Disney Concert Hall, which is now under construction in downtown Los Angeles, has already received widespread international acclaim.