407 N MAPLE DR | BEVERLY HILLS | CA
September 14, 2005: Bob Safai, a principal with Madison Partners, has sold the 407 N. Maple Drive building in Beverly Hills for $71 million to buyer Tishman Speyer Properties.
The seller is a partnership of entertainment mogul David Geffen and health care magnate Dr. Bernard Salick. Completed in 2003, the building was designed by the internationally renowned architectural firm of Gawthmey Siegel & Associates Architects LLC. The 160,000-square-foot property has never been occupied.
“This building is a unique and irreplaceable asset,” Mr. Safai said. “Development of a major office building this size in Beverly Hills is impossible and takes many years. Tishman has strategically purchased the best irreplaceable assets in Beverly Hills. These are the last available big blocks of space in the entire Westside market and once this project is leased, it will take the Beverly Hills submarket to below 8% vacancy,” he added. Mr. Safai refers to Tishman’s purchase earlier this year of the 287,000-square-foot Maple Plaza and the 140,000-square-foot Beverly Mercedes Building.
Mr. Safai also represented The Geffen Companies in the $29 million purchase of the 47-room Malibu Beach Inn in May of this year and the sale of 331 N. Maple Drive last year for $33 million.