Dealmaker: StarPoint Properties Buys Beverly Hills Office for $193M

StarPoint Properties, Beverly Hills, Calif., purchased a 12-story Beverly Hills office building from its original owner for $193 million.

Natixis, New York, originated $95 million in floating-rate acquisition financing for 433 North Camden Drive.

Madison Partners Founding Partner Bob Safai handled the sale as the listing broker. Madison Partners Senior Executive Director Matt Case arranged the financing.

StarPoint CEO Paul Daneshrad said 433 North Camden Drive, often called “The Wells Fargo Building” due to its tenant’s rooftop signage, is two blocks from StarPoint headquarters on Roxbury Drive in Beverly Hills. “To say I’ve had my eye on this property is more than a figure of speech,” he said.

The 207,500-square-foot building has not been renovated in 15 years and rents fall a full 25 percent below the market’s $48.24 average rent per square foot. Daneshrad said the firm plans to reposition the 1972-vintage property by modernizing indoor and outdoor spaces and updating existing offices. Specific redesign plans are not yet finalized, but initial plans include transforming a 6,500-square-foot deck on the fourth floor into an open-air lobby.

Daneshrad noted the Golden Triangle submarket has extremely low vacancy rates and high average rents. In includes just 16 Class A office properties.

The property includes 21,130 square feet of retail space that benefits from a corner orientation at Santa Monica Boulevard and North Camden Drive.

Founded in 1995, StarPoint now owns an $800 million portfolio of properties it has acquired and repositioned.