JMBM Development Rights: JMBM Plays Key Role In Acquisition Of $500 Million Development Site

JMBM played a pivotal role in the recent acquisition of a high profile site at the Western Gateway to Beverly Hills. The property at 9900 Wilshire, which formerly housed the Robinsons-May Department Store, was purchased by JMBM’s client, international real estate developer, CPC Group, for a record $500 million. Working together with the New York office of Jones Day, JMBM helped guide CPC Group through entitlement analysis, acquisition, financing and closing.

“It’s an honor to be a part of such a creative and energetic development team and participate in the acquisition of this landmark property,” said Ben Reznik. “This project will raise the bar and set new standards for high-end luxury housing.”

Subject to Beverly Hills City Council approval, this development 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 a sculpture garden, with 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 the deal were invaluable.”

The 9900 Wilshire development will be managed by a London-based development team including interior designers Candy & Candy. The Richard Meier design has already received 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 Urban Forum’s “Urban Solutions Award.” In addition, the Environmental Media Association has recognized 9900 Wilshire for combining outstanding architecture with environmental sustainability.