LA-Area Office Building Changes Ownership

CIM Commercial Trust is set to purchase The Union Bank of California Building in Beverly Hills, Calif. The 97,000-square-foot asset has not changed hands for more than 40 years.

The Union Bank of California Building in Beverly Hills, Calif.
The Union Bank of California Building in Beverly Hills, Calif.

CIM Commercial Trust Corp. has signed an agreement to acquire The Union Bank of California Building, a 97,000-square-foot office asset in Beverly Hills, Calif. The transaction is expected to close in the first quarter of 2018. The property has not changed hands for more than 40 years.

The nine-story building, located at 9460 Wilshire Blvd., was completed in 1959 and underwent cosmetic renovations in 1992 and 2008. The property features about 50 parking spaces. The asset is situated roughly four miles from interstates 10 and 405 and within walking distance of multiple restaurants and hotels, including South Beverly Grill, Ocean Prime and Sirtaj Hotel.

“9460 Wilshire is situated in the prominent Golden Triangle and surrounded by first-class retailers, restaurants, hotels and services,” Charles Garner, CEO of CIM Commercial Trust Corp., said in prepared remarks.

The new deal comes a few weeks after Douglas Emmett Inc. acquired a 146,000-square foot Beverly Hills office building two blocks away from The Union Bank of California Building.

Image courtesy of Yardi Matrix