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Mateen Brothers Acquire Beverly Hills Office and Retail Complex for $211M
Justin Mateen, Tyler Mateen and Pouya Abdi have acquired Wilshire Rodeo Plaza, a Class-A office and retail complex located at the corner of Rodeo Drive and Wilshire Boulevard in Beverly Hills. Purchased from Nuveen for $211 million, the 300,000-square-foot property spans an entire city block and includes three six-story office and retail buildings. Located on the 100 block of Rodeo Drive, the property will be rebranded as One Rodeo.
The buildings’ current tenancy includes financial companies Merrill Lynch/Bank of America, UBS as well as entertainment company William Morris Endeavor and Encore Recordings. The Mateens plan to upgrade and program the buildings to cater to luxury retail and office tenants.
“Iconic buildings such as One Rodeo will continue to benefit from increased demand as the trend toward high-quality assets continues to unfold in a post-COVID world,” said Tyler Mateen, CEO of Cannon TTM, a Los Angeles-based real estate investment firm.
Quantum Capital Partners advised on the acquisition debt for the buyers, who elected to go with a loan from JPMorgan.
- ◦Sale/Acquisition
