Cardinal Equities Signs Beverly Hills Tenant
The Marshell Group has signed an 18,380-square-foot lease at 8200 Wilshire Blvd. in Beverly Hills, Calif. The deal furthers the wellness group’s Southern California expansion.
The company will occupy the second and third floors of the three-story office building for the next decade and move into the building once the tenant fit-outs are complete.
NAI Capital Commercial’s Ivan Hopkins and Mark O’Brien represented the tenant, while Prime Properties’ Sep Melamed assisted the landlord. Cardinal Equities owns the property, according to CommercialEdge information.
The creative office building totals 27,565 square feet. Cardinal Equities purchased the 1979-delivered asset for $17.5 million in 2017, CommercialEdge shows. That same year, the owner invested some $1.3 million in property improvements that were completed in 2018.
The low-rise features floor-to-ceiling windows, a rooftop deck with outdoor seating and covered parking. It’s 2 miles north of the Santa Monica Freeway, with multiple dining and retail options nearby. Downtown Los Angeles is roughly 10 miles away.
LA office leasing activity
The Los Angeles office market witnessed a vacancy rate of 16.3 percent as of February, a recent CommercialEdge report shows. While 30 basis points higher over the year, the index was still 3.4 percent below the national average of 19.7 percent, which rose 180 basis points year-over-year.
Recently, Tishman Speyer landed a 132,300-square-foot lease at The Collective, the largest leasing agreement the area has seen in the last two years. A children entertainment company will move to its new location in November next year.
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