Shopping Rodeo.After buying the Wilshire Rodeo complex in 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. a year ago, Broadway Real Estate Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control has put the office and retail building back on the market. Broadway hired Eastdil to market the 246,000-square-foot center at 9560 Wilshire Blvd., which contains about 50,000 square feet of premium ground floor storefronts with tenants that include Nike and Burberry. Since buying the building, Broadway has renewed leases with tenants in the overhead office space, which is more than 90 percent leased. After flirting with several new possible locations, United Talent Agency inked a long-term lease earlier this year to expand and stay in the Wilshire Rodeo building. Other tenants include UBS AG and Merrill Lynch & Co. With those renewed leases, the building could sell for "north of $200 million," said Madison Partners principal Bob Safai. "There's no (tenant) roll-over in the deal," Safai said. "It's like buying a long-term bond in one of the best markets in the country." Broadway bought the mixed-use building for about $151 million 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. The Florida State Board bought the building, which was the former 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. , in 1995 from Citicorp Real Estate for $81 million. Broadway's decision to sell the Wilshire Rodeo complex comes on the heels of the New York-based firm's $192 million purchase of the Aon Center, a 62-story tower at 707 Wilshire Blvd., the second-tallest building in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or . Last year, Broadway paid $70 million for the 12-story, 110,000-square-foot office building at 9701 Wilshire Blvd., the tallest office building in Beverly Hills' Golden Triangle. Calls to Scott Sorensen, who runs Broadway's L.A. office, weren't returned. |
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