Former Hilton Hotels Corporation Headquarters Sold
By Brenton Garen, Beverly Hills Courier
The former Hilton Hotels Corp. headquarters of 24 years in Beverly Hills changed hands this week with investment group Tishman Speyer buying the two adjoining buildings.
Located at 9336-9346 Civic Center Drive, the two vacant four-story buildings have a total of 185,000 square feet and are connected by a sky bridge.
The property will now be re-energized with $23 million in renovations.
The buildings vacated in 2009 when Hilton moved its corporate offices to Northern Virginia.
John Miller, Tishman Speyer Senior Managing Director, said entertainment businesses were most likely candidates to rent the space.
“We feel confident in our ability to market this property successfully,” Miller said.
The seller was Blackstone Group LP, the New York-based buyout firm, which acquired Hilton in 2007.
Renovations will include re-landscaping the exterior grounds, an overhaul of the lobbies, upgrading the elevators and other modernization improvements.
It is estimated Tuesday’s sale was at about $65 million, as Tishman Speyer executives refused to comment on the final price.
Tishman Speyer’s other local holdings include Beverly Mercedes Place, 407 North Maple and Maple Plaza.