William Morris HQ For Sale
Two William Morris Agency properties in Beverly Hills, Calif. – including One William Morris Place – are being foreclosed on and put up for sale by New York-based investment firm Brickman.
The William Morris Place address name was bestowed by the Beverly Hills City Council for the agency’s 100th anniversary in 1998. The building has been the home of WMA for more than 25 years.
The buildings were purchased for $143 million by Dallas-based Lincoln Property and Cape Horn Group of Chile in 2008, according to the Beverly Hills Courier. Even though the deal was made when real estate was already on the top of its about-to-burst bubble, the reported $783 per foot sale price was said to be about twice the average price of upscale Los Angeles office space at the time.
Today, the portfolio’s estimated value is slightly more than the $93 million of outstanding debt, according to the Wall Street Journal and real estate trades. Brickman also reportedly holds a $15 million “mezzanine” loan on the buildings, according to Beverly Hills Patch. Mezzanine loans are secured by stock or other ownership stakes in a company and offer high returns and interest.
The buildings became something of a hot potato last year after WMA merged with rival Endeavor to create