Winnick makes his comeback to Beverly Hills with lease.GARY Winnick Gary Winnick was a founder of Global Crossing Limited, a telecommunications company providing worldwide computer networking services. He was CEO from the company's inception, 1997, until 2002. is back on Crescent crescent, emblematic representation of the quarter moon. The crescent and star, ancient Byzantine symbols that became the emblems of Constantinople, were also assumed as the standard of the Ottoman Turks. Drive. The financier's private equity firm, Pacific Capital Group and its wholly-owned Rubin Chambers Dunhill Insurance Services unit are taking half the office space in J.H. Snyder Co. LLP's $50 million development, the Crescent. Winnick's fu-ms are leasing the project's top two floors and will get building-top signage. The 20,000 square foot, 10-year lease is worth in excess of $20 million. Neither side would reveal the deal's rents, but one source close to the transaction said rates were above $3.40 a square foot. The Crescent, being built by developer Jerry Snyder at the northwest corner of 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. and Crescent Drive, is a couple of blocks south of the former headquarters of the telecom provider Winnick founded, Global Crossing Ltd. (After it went bankrupt, Global Crossing sold the building at 360 N. Crescent Drive to Platinum Equity Platinum Equity is an American information technology and private equity firm. It was founded by billionaire Tom Gores in 1995 and is headquartered in Beverly Hills, California. founder Tom Gores Tom Gores is a self made financier whose investment holdings include California leveraged buyout business Platinum Equity, where he is founder, chairman and chief executive officer. Through Platinum Equity, Mr. .) At the Crescent, at 9355 Wilshire Blvd., Snyder is also building 88 town home-style apartments scheduled to open in late November. "It's important because half the office space is leased before the project opens," said Snyder. "We're thrilled thrill v. thrilled, thrill·ing, thrills v.tr. 1. To cause to feel a sudden intense sensation; excite greatly. 2. To give great pleasure to; delight. See Synonyms at enrapture. ." Plans call for the two Winnick firms, currently in sub-leased space at 1919 Avenue of the Stars in Century City, to move into the project by the end of February. Winnick was chairman of Global Crossing, the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. firm that collapsed amid an accounting scandal. He sold about $860 million in Global Crossing stock before capacity swaps that allegedly inflated revenue were disclosed to investors. Winnick paid $55 million to settle employee pension fund and shareholder complaints, though the Securities and Exchange Commission dropped its investigation of him. During its troubles, the company sold its 100,000-square-foot headquarters to Gores. Part of the allure of Snyder's project was the chance to have offices in the heart of 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. again, sources close to the transaction said. Winnick is no longer associated with Global Crossing, which has emerged from bankruptcy as an Internet telecommunications carrier. Cushman & Wakefield Inc.'s Mike De Santis represented Pacific Capital Group and its insurance firm on the lease. Snyder was represented by Tom Corey of First Property. Staff reporter Andy Fixmer can be reached by phone at (323) 549-5225, ext. 263, or by e-mail at afixmer@labusinessjournal.com. |
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