Murdock Plaza Sold To Private Investment Group
4 Oct, 2007, Los Angeles, CA
Murdock Plaza, the signature Los Angeles office tower on Wilshire Blvd. in the heart of Westwood, has been sold to Wilshire Westwood Plaza LLC, a private Los Angeles investment group. The sale price was not disclosed.
Opened in 1981 at the intersection of Wilshire and Westwood Boulevards, the 17-story, 228,540-square-foot building was built by David Murdock of Dole Foods, the original owner who still occupies offices in the landmark structure. The seller was Sumitomo Life Realty Inc. of New York.
Designed by the noted architectural firm of Langdon Wilson, Murdock Plaza is considered one of the top performing commercial properties in the Los Angles region. It is home to the prestigious Regency Club and a powerhouse roster of premium tenants including Eli Broad and The Broad Foundation; Castle & Cooke; Mapleton Investments; former Mayor Richard Riordan/The Riordan Foundation and Riordan, Lewis & Haden; Wachovia Securities; Spyglass Entertainment; Spencer Stuart, the large executive search firm; Radar Pictures; Union Bank; and Comerica Bank.
“The offering generated worldwide interest from investors who recognized it as a generational growth opportunity,” said Marc D. Renard, managing director, Southern California Capital Markets Group of Cushman & Wakefield, who represented the seller along with Anthony Gatti and Carl Muhlstein. “The buyer was selected from a group of highly qualified bidders because of their knowledge of the market and financial capability to perform on a transaction of this magnitude,” he said.
An architectural showpiece, Murdock Plaza boasts a timeless brick façade, grand 30-foot vaulted lobby, arched bay windows, an elegant penthouse suite and panoramic views. It was honored in 2005 by BOMA as the Office Building of the Year, recognized for its overall appeal, including outstanding operations, tenant relations, community involvement and security standards.
The Regency Club, perhaps the building’s most recognizable asset, occupies Murdock Plaza’s top two floors and has received a bevy of international dignitaries and politicians including Presidents Ford, Reagan, George H.W. Bush, Clinton and George W. Bush.
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.