Agency in deal with investors for three units
WMA has sealed a deal to sell its three hunks of Beverly Hills real estate to a consortium of investors in preparation for its planned move into new BevHills digs in 2010.
Tenpercentery has agreed to sell the two WMA office buildings it owns on either side of El Camino Drive, just south of Wilshire Boulevard, and an adjacent building on Rodeo Drive that does not house any WMA staffers. Neither financial details of the deal nor the identity of the buyers were immediately disclosed.
WMA announced in 2006 that it would move into leased space in a 201,000-square-foot building on North Beverly Drive, a few blocks from its current site, in an effort to bring all of its operations under one roof. WMA will remain at its current HQ under a lease agreement until its new space is ready.
WMA’s new home base, now under construction, will include retailers and restaurants on the ground level. The structure is being built to exacting environmental standards.
The agency has been at its primary office building at 150 El Camino Drive since 1955 and has had operations in BevHills since the 1920s.