Daniel Barrett Acquires Beverly Hills Office Building For $21.3M

Plastic surgeon Daniel Barrett has acquired an office building in Beverly Hills for approximately $21.3 million. The property, located at 501 South Beverly Drive, has a total area of 23,127 square feet. This purchase marks one of the most expensive office transactions in the area, with a price per square foot of $921. Barrett intends to convert half of the space into medical facilities, capitalizing on the thriving Beverly Hills office market.

Summary of transaction details

• Property Type: Office
• Transaction Amount: $21,300,000
• Square Footage: 23,127
• Price per Square Foot: $921
• Address: 501 South Beverly Drive
• Market: Beverly Hills

The seller of the property is Alon Abady, while the buyer is Daniel Barrett, the renowned plastic surgeon known for his popularity on social media. The transaction was facilitated by Brandon Michaels, a representative from Marcus & Millichap. The financing for the purchase was secured through a loan of $17.75 million provided by First Citizens Bank and the 504 Loan Program. Ray Rowshankhah from Del Ray Realty acted as the mortgage broker in the deal.

It is worth noting that the Beverly Hills office market has been performing exceptionally well compared to other parts of Los Angeles. This acquisition by Daniel Barrett reflects the growing demand for medical facilities in the area and highlights the attractiveness of Beverly Hills as a prime investment location.