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.
The deal, which was facilitated by CBRE, closed at $707 per square foot, compared to its original purchase price of $101 million in 2005 or $344 per square foot.
“The price per square foot is a function of robust Beverly Hills fundamentals as investors underwrite higher occupancy and strong asset performance,” said Stephen Somer, vice chair of CBRE’s capital markets team in Los Angeles. “All submarkets are different, but we are in the early stages of more diverse capital returning to the market, which will continue to drive pricing.”
Located at 345 N. Maple Drive, Maple Plaza was first built in 1987, spans three stories and includes a fitness center with a yoga studio in addition to its office spaces.
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.
In December, the firm sold 9242 Beverly to Envision and Faring for $90 million in a joint purchase; and in August 2024, it sold 407 N. Maple Drive to Fashion Nova for $119.7 million. Both also acquired by Tishman Speyer in 2005, these properties sold for 136.5% and 66.5% higher than the original purchase price, respectively.
“These transactions have capitalized on the market’s continued appetite for top-quality office environments in premier markets, and we remain committed to the region’s long-term growth,” Ryan Botjer, senior managing director at Tishman Speyer, said in a statement.
This buy is Sawtelle-based Kilroy Realty’s first acquisition in the Beverly Hills submarket, which Kilroy Chief Executive Angela Aman described as “highly sought-after and supply constrained” as well as “one of the most vibrant commercial neighborhoods in Los Angeles.”
Maple Plaza underwent renovations in 2017 and is currently 75% leased with 45,000 square feet leased within the last year. Tenants span across sectors including private equity, professional services and entertainment with retailers such as Goop Kitchen and Café Ruisseau.
“Kilroy continues to successfully capitalize on the liquidity now returning to the West Coast office transaction market, repositioning our portfolio into assets with demonstrated track records of long-term durability and growth,” Aman said in a statement.
In Los Angeles, CBRE reported that office investment was up 37% between the first quarter of the year and the second. Through a national survey, the firm also found that 70% of investors reported plans to increase their acquisition activity this year.
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. “Tenants are looking for office environments where their employees can collaborate and be productive, with Maple Plaza being a prime example.”
With this purchase, Eliott Trencher, chief investment officer at Kilroy, said the team will “execute on a visible forward leasing pipeline” while “(capturing) near term growth.”
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