{"id":1004722865,"date":"2024-07-25T03:21:21","date_gmt":"2024-07-25T11:21:21","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004722865"},"modified":"2024-07-29T06:33:57","modified_gmt":"2024-07-29T14:33:57","slug":"nuveen-closes-beverly-hills-largest-deal-in-5-years","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/","title":{"rendered":"Nuveen Closes Beverly Hills&#8217; Largest Deal in 5 Years"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"480\" data-attachment-id=\"1004722903\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/9536-wilshire-blvd-image-courtesy-of-commercialedge-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge-edited.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"9536 Wilshire Blvd Image courtesy of CommercialEdge\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge-edited.jpg?w=640\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge-edited.jpg\" alt=\"\" class=\"wp-image-1004722903\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge-edited.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><figcaption class=\"wp-element-caption\">The mixed-use Wilshire Rodeo Plaza, to be rebranded as One Rodeo, is in for a multimillion-dollar renovation looking to double its retail footprint and attract high-end retail and office tenants. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The Mateen Brothers have bought the mixed-use Wilshire Rodeo Plaza from Nuveen for $211 million. This is the largest property transaction in Beverly Hills, Calif., since 2019, according to <em>The Wall Street Journal<\/em>. Tinder founder Justin Mateen and his brother Tyler Mateen joined brother-in-law Pouya Abdi to purchase the Class A office and retail asset. JP Morgan provided acquisition financing, with Quantum Capital Partners advising on debt for the buyers. <\/p>\n\n\n\n<p>The 300,000-square-foot office and retail property, located at 9536 Wilshire Blvd. and 131 S. Rodeo Drive, spans an entire city block and includes three six-story office and retail buildings along Wilshire Boulevard, between Rodeo and Camden drives, as well as a three-story office building along Rodeo Drive. The Mateens plan to rebrand the iconic Golden Triangle business center as \u201cOne Rodeo.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-all-bets-on-luxury-retail-in-beverly-hills\">All bets on luxury retail in Beverly Hills<\/h2>\n\n\n\n<p>The new ownership plans to nearly double the <a href=\"https:\/\/www.commercialsearch.com\/news\/why-prime-urban-retail-corridors-are-thriving\/\">high-street retail<\/a> space and spend around \u201cthe low tens of millions\u201d to enhance the buildings, shift from short-term leases to long-term, and are considering different uses for the office space and the rooftop, such as a hotel or a members-only social club, the brothers told&nbsp;<em>Commercial Property Executive<\/em>. However, the repositioning is targeting luxury retail and office tenants alike.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/remarkable-deals-animate-los-angeles-office-market\/\">Standout Deals Energize LA Office Market<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Office properties in Beverly Hills have held up a bit better than the overall Los Angeles market, where vacancy topped 24.4 percent this year, according to Cushman &amp; Wakefield. Still, more than a fifth of Beverly Hills office space was vacant as of the second quarter, up from 11.2 percent at the same time in 2019, <em>The Wall Street Journal<\/em> reported. Retail, meanwhile, has an occupancy rate well north of 90 percent. <\/p>\n\n\n\n<p>Current tenants at the property include Merrill Lynch\/Bank of America and UBS, as well as entertainment companies William Morris Endeavor and Encore Recordings. The Golden Triangle is a renowned tourist destination, a <a href=\"https:\/\/www.commercialsearch.com\/news\/why-prime-urban-retail-corridors-are-thriving\/\">prime retail corridor<\/a> also known for its top-tier offices, high-end hotels and fine dining.<\/p>\n\n\n\n<p>Late last year, in another noteworthy deal involving <a href=\"https:\/\/www.commercialsearch.com\/news\/skanska-sells-71m-la-area-office-asset\/\">Beverly Hills office<\/a>, Skanska cashed in roughly $71 million for a brand new, 50,148-square-foot asset.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tinder Founder Justin Mateen is a lead investor in the $211 million mixed-use buy.<\/p>\n","protected":false},"author":3568,"featured_media":1004722897,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,1594,21752,21742,21747,21749,15],"tags":[36441,32972,37491],"class_list":["post-1004722865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-los-angeles","category-mixed-use","category-latest","category-office","category-retail","category-west","tag-beverly-hills-submarket","tag-jp-morgan-chase-company","tag-nuveen"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nuveen Closes Beverly Hills&#039; Largest Deal in 5 Years - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Nuveen sold a mixed-use asset in Beverly Hills to Tinder Founder Justin Mateen, brother Tyler Mateen and brother-in-law Pouya Abdi.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nuveen Closes Beverly Hills&#039; Largest Deal in 5 Years\" \/>\n<meta property=\"og:description\" content=\"Nuveen sold a mixed-use asset in Beverly Hills to Tinder Founder Justin Mateen, brother Tyler Mateen and brother-in-law Pouya Abdi.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-25T11:21:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-29T14:33:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Richard Berger\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/\",\"name\":\"Nuveen Closes Beverly Hills' Largest Deal in 5 Years - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge.jpg\",\"datePublished\":\"2024-07-25T11:21:21+00:00\",\"dateModified\":\"2024-07-29T14:33:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6d4c5f1b2f682b3604ad9fe73c19fed7\"},\"description\":\"Nuveen sold a mixed-use asset in Beverly Hills to Tinder Founder Justin Mateen, brother Tyler Mateen and brother-in-law Pouya Abdi.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge.jpg\",\"width\":640,\"height\":512,\"caption\":\"Wilshire Rodeo Plaza in Beverly Hills\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Nuveen Closes Beverly Hills&#8217; Largest Deal in 5 Years\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6d4c5f1b2f682b3604ad9fe73c19fed7\",\"name\":\"Richard Berger\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/bf9a97027a74b606d01db57720228242e692d3db9d827930b02ed8baaf3623a4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/bf9a97027a74b606d01db57720228242e692d3db9d827930b02ed8baaf3623a4?s=96&d=mm&r=g\",\"caption\":\"Richard Berger\"},\"description\":\"Richard Berger has 20+ years of experience covering commercial real estate for various media sites and CRE-related associations. He lives in Northern Virginia.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/richardberger\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Nuveen Closes Beverly Hills' Largest Deal in 5 Years - Commercial Property Executive","description":"Nuveen sold a mixed-use asset in Beverly Hills to Tinder Founder Justin Mateen, brother Tyler Mateen and brother-in-law Pouya Abdi.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/","og_locale":"en_US","og_type":"article","og_title":"Nuveen Closes Beverly Hills' Largest Deal in 5 Years","og_description":"Nuveen sold a mixed-use asset in Beverly Hills to Tinder Founder Justin Mateen, brother Tyler Mateen and brother-in-law Pouya Abdi.","og_url":"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2024-07-25T11:21:21+00:00","article_modified_time":"2024-07-29T14:33:57+00:00","og_image":[{"width":640,"height":512,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge.jpg","type":"image\/jpeg"}],"author":"Richard Berger","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/","url":"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/","name":"Nuveen Closes Beverly Hills' Largest Deal in 5 Years - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge.jpg","datePublished":"2024-07-25T11:21:21+00:00","dateModified":"2024-07-29T14:33:57+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6d4c5f1b2f682b3604ad9fe73c19fed7"},"description":"Nuveen sold a mixed-use asset in Beverly Hills to Tinder Founder Justin Mateen, brother Tyler Mateen and brother-in-law Pouya Abdi.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge.jpg","width":640,"height":512,"caption":"Wilshire Rodeo Plaza in Beverly Hills"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/nuveen-closes-beverly-hills-largest-deal-in-5-years\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Nuveen Closes Beverly Hills&#8217; Largest Deal in 5 Years"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/6d4c5f1b2f682b3604ad9fe73c19fed7","name":"Richard Berger","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/bf9a97027a74b606d01db57720228242e692d3db9d827930b02ed8baaf3623a4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/bf9a97027a74b606d01db57720228242e692d3db9d827930b02ed8baaf3623a4?s=96&d=mm&r=g","caption":"Richard Berger"},"description":"Richard Berger has 20+ years of experience covering commercial real estate for various media sites and CRE-related associations. He lives in Northern Virginia.","url":"https:\/\/www.commercialsearch.com\/news\/author\/richardberger\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/07\/9536-Wilshire-Blvd-Image-courtesy-of-CommercialEdge.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004722865","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/3568"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004722865"}],"version-history":[{"count":4,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004722865\/revisions"}],"predecessor-version":[{"id":1004723148,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004722865\/revisions\/1004723148"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004722897"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004722865"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004722865"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004722865"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}