RCA in the commercial property press:

Former-Hilton Headquarters Sells in Beverly Hills

Los Angeles Times reports: New York-based Tishman Speyer recently completed their purchase of the trio of 25-year old buildings that formerly held the Hilton Hotel Corp’s headquarters until that company was purchased by Blackstone Group and moved to McLean, VA. In addition to the purchase price, which was upwards of $55 million according to real estate experts familiar with the sale, Tishman Speyer will spend $23 million to upgrade the supremely-located Beverly Hills property. The buildings themselves have posh amenities and well-fitted interiors already, however, and were certainly attractive features to Tishman Speyer and its competitors for the contract of sale.

Real Capital Analytics’ Peter Slatin remarked of the sale that, as US commercial property sales have doubled between 2009 and 2010, “The two property categories trading more are ‘trophies and trash.’” By trophies, he was clearly referring to the Hilton campus sale.

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Posted by: Nina Turner

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