Los Angeles – April 23, 2007 — Jeffer, Mangels, Butler & Marmaro LLP (JMBM), one of California’s foremost full-service law firms, today announced that its client, international real estate developer CPC Group, has acquired 9900 Wilshire Boulevard, a prime eight-acre site located in Beverly Hills, California, for the sum of $500 million. Working together with the New York offices of Jones Day, JMBM helped guide CPC Group through the entitlement analysis, acquisition, financing and closing.
"It is an honor to be part of such a creative and energetic development team and participate in the acquisition of the most exciting property in our region," said Benjamin M. Reznik, Chairman of JMBM’s Land Use & Zoning Group and California counsel to CPC Group. "This project will raise the bar and set a new standard for high end luxury housing."
Subject to approval by the Beverly Hills City Council, this development project will include 252 luxurious and environmentally responsible condominium residences situated within two 12-story buildings and two four-story loft buildings. The 830,000 square feet of residential space and 20,000 square feet of retail space will cover one-third of the eight-acre site, with the remaining two-thirds of the property dedicated to community space, waterscapes and sculpture gardens, and a public garden facing Wilshire Boulevard.
"We greatly appreciate JMBM’s role in helping us acquire such a brilliant site," said Christian Candy, founder of CPC Group. "The firm’s first-hand knowledge of the local market and its responsiveness to the demands of this deal were invaluable."
The development of the site, which for many years was home to the Robinsons-May department store, will be managed by London-based development managers and interior designers Candy & Candy. The Richard Meier design has already gained significant recognition and numerous awards, including the U.S. Green Building Council’s "Visionary Leadership Award," the Los Angeles Business Council’s "36th Annual Architectural Award," and the Westside Forum’s "Urban Solutions Award." In addition, the Environmental Media Association has recognized 9900 Wilshire for combining outstanding architecture with environmental sustainability.