9701 Wilshire Boulevard
9701 Wilshire Boulevard is a 12-story, multi-tenant high rise office building located on Wilshire Boulevard in the heart of Beverly Hills, California. The building was purchased in October 1994, just as the real estate market in the United States was beginning to recover from the severe real estate depression of the late 1980’s and early 1990’s. The purchase price was $17.9 million (including $7 million of equity), and provision was made in the purchase price to fund extensive renovation and re-leasing programs. There was some vacant space in the building at the time of purchase, but Falcon recommended the property since we had great faith that the real estate market in Beverly Hills would recover from the problems associated with the business slowdown of the early 1990’s. The renovation and re-leasing programs were completed in less than three years, and the building was sold in November 1997 at a price of $27.9 million. The Internal Rate of Return for the holding period was 17.7%.