Swedish property company Oscar Properties has purchased an office building at 331 North Maple Drive in Beverly Hills for $61 million, or roughly $804 per square foot, according to industry sources.
The 93,500-square-foot property sits on a 1.02-acre lot zoned for commercial uses in Beverly Hills. The three-story building was originally constructed in 2000 at the request of media executive David Geffen.
The company purchased the property from San Francisco-based DivcoWest, which acquired the property in 2018 for $82.2 million, or roughly $877 per square foot. Sources familiar with the transaction said the property was 60 percent leased out at the time of the purchase, but the tenant later vacated the building. DivcoWest sold its equity stake but remains involved in the loan arranged by Deutsche Bank, allowing it to continue participating in the financial aspects moving forward, sources confirmed.
According to JLL, Geffen Records, Maverick Records, and the Huffington Post have called the property home over the years.
Designed by Gwathmey Siegel Kaufman Architects, the property is set apart by district architectural features like its unusually shaped entryway and the cylindrical expanse that dominates part of its top floor. The building also features a large courtyard and a circular, recently renovated lobby area. A Needlepoint Bipolar Ionization air purifier system, which uses charged particles to clean air, was also recently installed. An outdoor plaza connects the lobby to a private side yard with covered seating and a screening room.
The building is located within the city’s entertainment and media district, a short distance from the Beverly Hills Golden Triangle. Its immediate neighbors include Google, LiveNation, United Talent Agency, and Fandango, according to DivcoWest’s website.
The sale reflects overall trends in the Los Angeles office market, which have shown weakened demand amid overall improvements compared to 2023. In mid-year 2024, the Los Angeles office market experienced another downturn in demand, according to a recent report from Savills.
This decrease in activity is largely attributed to a notable reduction in demand for new office space, particularly from the technology, advertising, media, and information (TAMI) sector. Demand from entertainment and media companies, like those that used to occupy 311 Maple, has also cooled considerably.
