Justin Mateen, Tyler Mateen, And Pouya Abdi Acquire Wilshire Rodeo Plaza In Beverly Hills For $211M

The property involved in this transaction is located at 9560 Wilshire Boulevard, known as Wilshire Rodeo Plaza. This Class-A Office & Retail asset spans approximately 300,000 square feet and was sold for $211,000,000, which equates to a price per square foot of $703. It occupies an entire city block and features a combination of three six-story office and retail buildings along Wilshire Blvd. between Rodeo Drive and Camden Drive, as well as a three-story office building along Rodeo Drive. The new owners plan to rebrand the property as One Rodeo and implement upgrades to attract luxury tenants.

Summary of transaction details:

• Property Type: Class-A Office & Retail
• Transaction Amount: $211,000,000
• Address: 9560 Wilshire Boulevard
• Market: Beverly Hills, California
• Square Footage: 300,000
• Price per Square Foot: $703
• Buyer: Justin Mateen - JAM FUND & Tinder; Tyler Mateen - Cannon TTM; Pouya Abdi - Parallel Acquisitions
• Seller: Nuveen
• Lender: J.P. Morgan
• Tenants: Merrill Lynch/Bank of America, UBS, William Morris, and Encore Recordings

This transaction marks a significant movement in the market, as it reflects the collective efforts of the Mateen brothers and Abdi, who are brother-in-laws. Justin Mateen, the Founder of Tinder and venture capital firm JAM Fund, highlighted the opportunity presented by acquiring these buildings while institutional investors reevaluate their office portfolios. He emphasized their commitment to enhancing the retail spaces to meet the standards of Rodeo Drive, which is fully leased, noting that their buildings represent a natural continuation for luxury retail.