BRP purchased the leasehold interest of a 66,023 sf office building in Beverly Hills, CA.
Based on in-depth research, BRP acquired an office building with occupancy and rents that were below market. After the acquisition, BRP has been able to raise the occupancy from 89.5% to 99% and market rents have moved from $30/sf to $39/sf for the Beverly Hills sub-market. Additionally, we identified an opportunity to add 2,400 square feet of ground floor retail without a public hearing process. The additional retail was approved by the City Planning Department and has been leased at $72/sf.