Mani Bros. Buys 300,000-SF Luckman Plaza
Los Angeles-based Mani Bros. has acquired the 300,000-sf Luckman Plaza office development and plans to spend $12 million to upgrade the project. That will add to Mani’s West Hollywood holdings that include other office buildings at 9000, 9201 and 8439 Sunset Blvd. Terms of the sale were not disclosed, but one source put the figure at $160 million.
Mani Bros. bought the two-building Luckman Plaza, at 9200 and 9220 Sunset Blvd., from the Luckman family, which had owned the complex it ever since it was built in the 1960s. According to Simon Mani, the acquisition brings Mani Brothers’ office property holdings in West Hollywood to more than 650,000 sf, making it the largest office landlord on Sunset Boulevard and the largest in West Hollywood.
Designed by architect Charles Luckman in 1964, Luckman Plaza was built on the border of Beverly Hills at the gateway to West Hollywood. Luckman was the architect on projects including the new Madison Square Garden in New York, the Forum in Inglewood, the Manned Space Center in Houston, Prudential Center in Boston and the Aloha Stadium in Honolulu.
The Luckman Plaza complex consists of a 14-story high rise office tower and a three-story, 50,000-sf office building behind the tower. The high-rise building was the headquarters for Charles Luckman Associates.
Mani Bros. says that its renovation will honor the original design of the Luckman buildings but will upgrade building systems. It will also expand the lobbies, replace the skin of the building and upgrade the common areas.
The sale of the complex, which was 95% occupied at the time of close. The asset adds to a Mani Bros. portfolio comprises 1.5 million sf of commercial property, with a focus on class A office buildings in Southern California.
By Bob Howard of GlobeSt.com
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