Rockefeller Group Investment Management Corp. leads acquisition of UTA Plaza and The Ice House, a premier 236,000-sf portfolio on Civic Center Drive in Beverly Hills
BEVERLY HILLS, Calif. – Date TBD – The Rockefeller Group today announced the acquisition of a premier office-building portfolio in Beverly Hills, Calif., consisting of 9336, 9346 and 9348 Civic Center Drive. The properties are known as UTA Plaza and The Ice House.
The acquisition was led by Rockefeller Group Investment Management Corp. on behalf of an investment group including The Rockefeller Group and Mitsubishi Estate New York. The seller was Tishman Speyer. Eastdil Secured was the sole advisor involved in the transaction.
UTA Plaza is comprised of two four-story buildings totaling approximately 191,000 square feet. Major tenants include United Talent Agency and Playboy Enterprises. The Ice House, also four stories, totals approximately 45,000 square feet and is the headquarters of Live Nation Worldwide. The portfolio, which is situated on approximately 3.4 acres, is 100% occupied.
“We remain focused on acquiring high quality assets in gateway markets, and we are very pleased with the strong fit offered by these properties in West Los Angeles,” said Atsushi Nakajima, president and chief executive officer of The Rockefeller Group.
“These are distinctive properties in an established institutional market,” said Dennis Irvin, president and chief executive officer of Rockefeller Group Investment Management. “They represent premier assets with prominent tenants, in a highly desirable submarket with supply constraints, all of which combine to offer stability, liquidity and good long-term prospects.”
Beverly Hills, a submarket of West Los Angeles, has a class-A direct vacancy rate well below the national average. Tenants drawn to the submarket include companies from sectors such as talent and entertainment, media, technology, finance and law.
UTA Plaza was built in 1985 and enhanced by significant capital improvements in 2012. The Ice House was originally built in 1925 for ice manufacturing, and later converted to office space. It was renovated in 1993 and again in 2014. The most recent renovations to both assets, totaling approximately $35 million in capital improvements, were overseen by the architectural firm Shimoda Design Group on behalf of the previous owners.