An 85-year-old building in Beverly Hills built by movie mogul Jack Warner sold for $11.75 million to a local investor, the Los Angeles Times reported last week.
The two-story structure on Little Santa Monica Boulevard at Beverly Drive is one of the oldest commercial properties in the city. The 11,000-square-foot building, now called the Marian Building, originally housed the Beverly Hills Chamber of Commerce.
According to the Times:
The seller of the former Chamber of Commerce building, now known as the Marian Building, was Byer Properties of San Francisco, Esses said. Marian is the first name of the wife of Byer family patriarch Allan Byer, owner of clothing manufacturer Byer California and part owner of the San Francisco Giants baseball team.
The buyer was Behruz "Bruce" Gabbai, according to public records and real estate data provider CoStar group. The Beverly Hills resident was a founder of wholesale supply company Four Seasons General Merchandise Inc. of Los Angeles.
A Johnny Rockets restaurant on the ground floor has closed and will be replaced with a "well known" restaurant, real estate broker Mark Esses told the newspaper.
Multiple bidders tried to obtain the property, and the price that exceeded $1,000 a square foot is one of the highest in recent memory, Esses said.
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