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Talk about betting the spread.
Popular gambling platform FanDuel has acquired a new office development in Beverly Hills, sources told Commercial Observer. Skanska USA sold the 50,200-square-foot structure it built on Wilshire Boulevard for $71 million. That equals more than $1,410 per square foot, which is more than four times the average office sale price in Southern California.
Commercial Property Executive reported the sale in December, citing data from CommercialEdge, but did not disclose the name of the buyer, other than to say “a Europe-based company” acquired the asset. Ireland-based Flutter Entertainment owns FanDuel.
Neither FanDuel nor Skanska returned requests for comment from CO.
Skanska completed the four-story Class A office at 9000 Wilshire Boulevard in 2023. It was the firm’s first commercial development in L.A. Skanska bought the site for $18.2 million in November 2019, and replaced two retail buildings and a parking lot at the corner of Wilshire Boulevard and Almont Drive.
The price per square foot is exceptionally high for Southern California, as office investment sales have declined and property values have dropped dramatically. Yearly office sales volume decreased by 42 percent last year in Los Angeles County, which saw the average price drop 41 percent to $295 per square foot, according to the most recent market report from NAI Capital.
Skanska has additional projects underway nearby and in L.A., including a three-story office with approximately 43,900 square feet at 8633 Wilshire Boulevard, as well as a 13-story office at 1811-1815 Sacramento Street, adjacent to Soho Warehouse in the Arts District of Downtown L.A.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
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