The William Morris Agency to Explore Sale Of Beverly Hills Portfolio
21 Feb, 2008, Beverly Hills, CA
and develop new offices on Beverly Drive breaking ground in 2008
Cushman & Wakefield has been retained as the exclusive agent for the potential sale of the William Morris Agency (WMA) portfolio of properties located at 150 S. Rodeo Drive and 150-151 S. El Camino Drive in Beverly Hills, California. Marc Renard, Steve Algermissen and Eric Duncanson from Cushman & Wakefield will market the properties in cooperation with Neil Resnick from Grubb & Ellis.
The portfolio consists of three trophy buildings totaling approximately 185,000 square feet of office space in the highly prestigious Beverly Hills Golden Triangle area, one of the most affluent communities and famous shopping districts in the world. The properties have served as WMA’s worldwide headquarters for many decades.
“With a direct office vacancy rate of only 2.9%, extraordinary barriers to new construction and strong future rent growth potential, Beverly Hills properties are highly sought-after by domestic and foreign capital,” says Renard, Managing Director of Cushman & Wakefield’s Southern California Capital Markets Group. “The portfolio’s unmatched visibility, trophy-quality construction and strategic location within one of the world’s most identifiable markets will generate tremendous investor interest.”
Committed to the city of Beverly Hills, WMA will move over 500 employees into new premises on Beverly Drive within the next few years. Seeking sustainable design and architectural strategies that create healthier environments and preserve natural resources, WMA hired world-renowned architectural and design firm Gensler to develop the new headquarters. The new building will be a showcase of green architecture with recycled materials and energy-efficient water and lighting systems. It will feature over 175,000 square feet of office space and 30,000 square feet of retail space and restaurants at its base.
“With the increased interest in our property, we have decided to explore our potential options,” said Irv Weintraub, WMA Chief Operating Officer. “We will continue to own and manage our assets unless we find an agreement that is beneficial to all parties involved.”
About the William Morris Agency
Founded in 1898, the William Morris Agency is the largest and most diversified talent and literary agency in the world, with principal offices in New York, Beverly Hills, Nashville, London, Miami Beach and Shanghai. The Agency represents clients in all segments of the entertainment industry, including Motion Pictures, Television, Music and Personal Appearances, Broadway Theatre and Theatrical Touring, Book Publishing, Commercial Endorsements, Sports Marketing, Corporate Consulting, Digital Media, and Video Games.
About Cushman & Wakefield
Cushman & Wakefield is one of the world’s largest commercial real estate services firms. Founded in 1917, the firm has 215 offices in 56 countries, and 12,000 talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, lenders and investors through every stage of the real estate process. These solutions include representing clients in the buying, selling, financing, leasing and managing of assets. The firm also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm’s Web site at www.cushmanwakefield.com.