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Kilroy Realty Acquires Maple Plaza for $205M
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Los Angeles Business Journal
Tishman Speyer sold Maple Plaza, a 293,000-square-foot class A office building in Beverly Hills, to Kilroy Realty Corp. for $205.3 million, marking the county’s largest office investment sale so far in the third quarter and the second largest sale of the year.
This is the third office property in Beverly Hills that Tishman Speyer – a New York-based real estate investor, operator and developer – has offloaded in the last year.
Both also acquired by Tishman Speyer in 2005, these properties sold for 136.5% and 66.5% higher than the original purchase price, respectively.
Noting a “competitive process with multiple institutional and private investors” interested in Maple Plaza, Somer pointed to Beverly Hills’ continued rising occupancy and rental rates.
“We are seeing clear signs of recovery across the region, with a much stronger and more rapid recovery in Beverly Hills and other premier markets,” Somer said.
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