Los Angeles, CA (March 25, 2021) — Newmark announces the $74.4 million ($1,496 per square foot) sale of a five-story medical office building located at 9033 Wilshire in Beverly Hills, California. Totaling 49,721 square feet of Class A space, the property is anchored by USC’s Keck Medical Center.
Newmark’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan, Ken White and Senior Managing Director Laura Stumm represented the seller, UBS Realty Investors. Senior Managing Director Steven Salas of Newmark also assisted with the sale. The buyer was LaSalle Investment Management.
“The medical sector is a high conviction product for investment capital post pandemic because of the typical predictability and durability of their tenants,” said Shannon.
Hannan added, “9033 Wilshire is one of the elite medical office buildings in Beverly Hills. Its elevated status has attracted leading physicians in their practices who have patients travelling from all around the world for care.”
The state-of-the-art property, which was extensively renovated in 2011, was awarded Best Building & Tenant Improvement by the Los Angeles Business Journal and also received the “Architectural Design Award” by the City of Beverly Hills. Designed by SIM & Associates, the building features a world-class surgery center, a full-service pharmacy offering drug compounding, unique art installations, valet parking with call-down service and a rooftop deck.
Situated in Los Angeles’ premier medical market, the 9033 Wilshire is ideally located near several renowned hospitals, including Cedars-Sinai Hospital, UCLA Medical Center, St. John’s Hospital and Olympia Medical Center.
The healthcare sector remains strong in the current economic environment, outperforming most other commercial property types through the pandemic, according to Newmark Research. Direct vacancy in medical office in Beverly Hills has remained in the single digits since 2002 and consistently achieves some of the highest rental rates in the country.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion.