Rare Redevelopment Site on Wilshire Boulevard in Prestigious Beverly Hills, Calif. Hits the Market

Los Angeles – January 2, 2014 – A redevelopment site in one of the world’s most recognizable and prestigious neighborhoods is for sale, according to CBRE.  The firm just launched its marketing effort this week for the site, which includes 63,691 square feet of land located at the southeast corner of Wilshire Blvd. and Linden Drive in the heart of Beverly Hills’ world-renowned, upscale restaurant and shopping district.

Due to its high-profile location in what is known as the Beverly Hills Golden Triangle, the property is expected to command exceptional pricing on a square foot basis for Beverly Hills, according to Laurie Lustig-Bower of CBRE who is handling the sale on behalf of a private, family ownership, along with Kamran Paydar and CBRE Hotels’ experts Rod Apodaca and Bob Kaplan.

“It’s a rarity to find a property of this size in the heart of Beverly Hills,” she said.

The seller’s vision for the property includes a luxury hotel fronting Wilshire Boulevard and high-end condominiums fronting the tree-lined, residential Linden Street. Though not yet entitled for these uses, Ms. Lustig-Bower says there is validity in the vision.

“There is a lack of high-end condominium development in Beverly Hills,” she said. “The combination of the residential feel of Linden Street and the walkability to some of the best restaurants and shopping in the world, makes for a unique setting for this type of project.”

Mr. Apodaca agreed, “In the luxury hotel market, there is tremendous cache associated with a high profile address.  The opportunity to develop a luxury hotel in a phenomenal Beverly Hills location – right on Wilshire Boulevard, one of the most famous streets in the world – is a once in a generation opportunity.” The site has been under the same family ownership for several decades. 

The property is being  marketed worldwide, said Ms. Lustig-Bower who notes that interest has already been expressed from investors in Europe, the Middle East, Asia and Canada. Bids are due January 31, 2014. The website for the property is www.cbremarketplace.com/wilshire-linden.

CBRE Hotels is a specialized advisory group within CBRE Group, Inc. providing brokerage, valuation and capital markets services to companies in the hotel sector. CBRE Hotels is comprised of over 150 dedicated hospitality professionals located in 37 offices across the globe. For more information, please visit our website at www.cbrehotels.com.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.