Kilroy Realty secures coveted Beverly Hills office building from Tishman Speyer
Tishman Speyer's mystery buyer for Maple Plaza in Beverly Hills revealed: Kilroy Realty pays $205.3 million for the 300,000-square-foot property at $707 per square foot, following a competitive process.
Kilroy Realty Corporation, a prominent real estate development and investment firm, has officially gained access to the coveted Beverly Hills neighborhood with its recent acquisition of Tishman Speyer's Maple Plaza office building. The property, which spans 300,000 square feet and is approximately 75% occupied, was sold for $205.3 million or $707 per square foot, after a competitive bidding process.
The mystery buyer for the property was previously unknown, but sources familiar with the deal have confirmed Kilroy Realty as the successful bidder. This purchase marks the third Beverly Hills office building sold by Tishman Speyer in the past year, with the New York-based investor cashing in on the prime location at 345 North Maple Drive.
This latest transaction solidifies Kilroy Realty's growing presence in the Beverly Hills market, adding to its already impressive portfolio of properties in the area. The company's Chairman, President, and CEO, John Kilroy, Jr., expressed his excitement about the acquisition, stating, "Maple Plaza is a premier office building in one of the most desirable locations in the country. We are thrilled to add this property to our portfolio and continue our investment in Beverly Hills."
While Tishman Speyer has not released a statement about the sale, it is clear that the company has made a profitable exit from its Beverly Hills properties, with this transaction being the latest in a string of successful deals. With Kilroy Realty's purchase, the company has gained a strong foothold in the highly competitive Beverly Hills real estate market.
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