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9171 Wilshire Boulevard

Concord Music Company Leases 32241 Square Feet Office Space At 9171 Wilshire Boulevard In Beverly Hills
LEASEDOffice

Concord Music Company Leases 32241 Square Feet Office Space At 9171 Wilshire Boulevard In Beverly Hills

9171 Wilshire Boulevard

Building Size

32,241 SF

Asset Type

Office

Closing

Oct 25, 2024

AI

The property asset involved in this transaction is an office space located at 9171 Wilshire Boulevard in the Beverly Hills market. This leased space encompasses a total area of 32,241 square feet spread across two floors within the redeveloped Wilshire & Palm building, designed specifically for tenants in the entertainment industry.

Summary of transation details:

  • Property Type: Office
  • Transaction Amount: Not disclosed
  • Address: 9171 Wilshire Boulevard
  • Market: Beverly Hills
  • Asset Size: 32,241 square feet
  • Landlord: Dennis Cruzan - Cruzan
  • Tenant: Concord Music Company
  • Landlord's Representative: Bryan Dunne & Daniel Rainer - JLL
  • Tenant's Representative: Jeff Gerlach & Paul Haskin - CBRE

The lease agreement allows Concord Music Company to establish a creative workspace that aligns with its media-focused culture by the third quarter of 2025. The Wilshire & Palm building, reimagined by Cruzan, features modern amenities including a rooftop sky deck, collaboration areas, and high-tech listening rooms, catering specifically to the needs of entertainment industry tenants.

Players

Jeff Gerlach

CBRE

Broker

$2M

vol

2 deals

Broker

Beverly Hills Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93