The Mateens plan to rebrand the iconic Golden
Triangle business center as "One Rodeo" and attract leading retail
tenants to maximize its potential. Photos available upon
request.
BEVERLY
HILLS, Calif., July 24,
2024 /PRNewswire/ -- Justin Mateen, Tyler Mateen, and Pouya
Abdi have acquired Wilshire Rodeo Plaza, a Class-A office
and retail complex located at the corner of Rodeo Drive and
Wilshire Blvd in Beverly Hills.
Purchased from Nuveen, the 300,000 sq. ft. property spans an entire
city block and includes 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 property, located on the 100 block of Rodeo Drive will
be rebranded as One Rodeo. The buildings' current tenancy
includes financial companies Merrill Lynch/Bank of America, UBS as
well as entertainment company William Morris Endeavor and Encore
Recordings. The Mateens plan to upgrade and program the
buildings to cater to luxury retail and office tenants.
"Iconic buildings such as One Rodeo will continue to benefit
from increased demand as the trend toward high-quality assets
continues to unfold in a post-Covid world," said Tyler Mateen, CEO of Cannon TTM, a Los Angeles-based real estate investment firm.
"We are excited to acquire and reposition one of Southern California's landmark retail and
office buildings."
"We are grateful to be acquiring these buildings at a time when
institutional investors feel pressure to reduce their office
footprint," said Justin Mateen, Founder of Tinder and venture
capital firm JAM Fund. "We look forward to giving the retail spaces
the love and attention they deserve as Rodeo Drive retail is fully
leased and our buildings are the only natural continuation."
One Rodeo sits in the Golden Triangle, a world-renowned tourist
destination known for its luxury shopping, top tier offices,
high-end hotels, and fine dining. "The buildings sit at the
entrance of Rodeo Drive and therefore every aspect of the property
is being reimagined to deliver an elevated experience for our
tenants and visitors," said Pouya
Abdi of Parallel Acquisitions.
The Mateen brothers and Abdi, who are brothers-in-law, view
the acquisition as a generational property. The purchase price was
$211 million. Quantum Capital
Partners advised on the debt for the buyers who elected to go with
a loan from JP Morgan.
View original
content:https://www.prnewswire.com/news-releases/tinder-founder-justin-mateen--brother-tyler-mateen-acquire-wilshire-rodeo-plaza-in-beverly-hills-california-for-211-million-302205676.html
SOURCE Cannon TTM