Saw an interesting article from the L.A. Times Wednesday about the former Robinsons-May store near the intersection of Wilshire and Santa Monica boulevards in Beverly Hills that has been unoccupied for nearly a decade. The property, which the Times calls one of the most desirable pieces of real estate in the country, has seen multiple owners who have so far been unable to bring a condominium complex designed by famous architect Richard Meier to life. Meier, designer of the Getty Center, The Paley Center for Media, the Barcelona Museum of Contemporary Art and numerous award-winning buildings around the world, was a winner of the Pritzker Architecture Prize in 1984 and the Gold Medal by the American Institute of Architects in 1997 (it is their highest honor).
The details of the topsy-turvy path the negotiations of this ultra prime piece of real estate have taken are probably somewhat familiar to many Westside agents. Basically, a Hong Kong private equity firm, Joint Treasure International, bought the 8-acre parcel near the intersection of Wilshire and Santa Monica boulevards in 2010 for $148 million. They bought it from Carlos Slim, the Mexican Magnate and richest man in the world, who took control of the property after foreclosure proceedings were brought against jet-setting British developers Nicholas and Christian Candy. The Candys made headlines in 2007 when they bought the parcel for $500 million in one of the largest transactions in the history of Los Angeles County.
The top selling point of the property is that previous owners successfully navigated Beverly Hills' arduous city planning process and secured approvals to build the condo complex designed by Meier, and the high-end condo supply is severely lacking in Beverly Hills. As the Times reported, "upon transfer of ownership, the incoming buyer will leverage the value already created and be able to immediately commence construction"...so, this will definitely be a fascinating story to keep an eye out for as things progress!
The details of the topsy-turvy path the negotiations of this ultra prime piece of real estate have taken are probably somewhat familiar to many Westside agents. Basically, a Hong Kong private equity firm, Joint Treasure International, bought the 8-acre parcel near the intersection of Wilshire and Santa Monica boulevards in 2010 for $148 million. They bought it from Carlos Slim, the Mexican Magnate and richest man in the world, who took control of the property after foreclosure proceedings were brought against jet-setting British developers Nicholas and Christian Candy. The Candys made headlines in 2007 when they bought the parcel for $500 million in one of the largest transactions in the history of Los Angeles County.
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