Alec Gores Buys Showbiz Law Firm's Beverly Hills Building for $24 Million (Exclusive)
The Liner Grode Stein firm had acquired the 9800 Wilshire Blvd. property for about $13.5 million in December 2010 but never occupied it.
The Gores Group, the Los Angeles-based firm of billionaire investor Alec Gores, has purchased a three-story office building at 9800 Wilshire Blvd. in Beverly Hills from entertainment law firm Liner Grode Stein Yankelevitz Sunshine Regenstreif & Taylor Llp. for $24.2 million. The deal closed Feb. 10, title records show.
The Gores Group, a private equity firm with investments in the technology and manufacturing industries, will relocate from its existing Westwood offices to its new 41,879-square-foot building once a planned remodel is completed, according to sources. The company is expected to move into the building in 2013. The Gores Group could not be reached for comment.
Gores is the brother of Sam Gores, owner of the Paradigm talent agency, and Tom Gores, owner of the NBA's Detroit Pistons.
Liner Grode purchased the Paul Williams-designed building for roughly $13.5 million in December 2010 but never moved into the property, which also includes a roughly 100-space parking lot and is adjacent to the former CAA headquarters. The property was used by the agency as an annex when it outgrew its main building next door. Liner Grode acquired the building from a partnership that included former CAA chairman Michael Ovitz and Bob Goldman, the agency's former CFO.
The law firm, which has a client roster that includes Summit Entertainment, Tokyo Broadcasting System and filmmaker Michael Moore, never moved into the property but had planned to do so after completion of a remodel it had begun. The 60-lawyer firm remains at its current headquarters at 1100 Glendon Ave. in Westwood; however, the company's lease expires in December and it is in the market for new offices.
Commercial real estate broker Bob Safai of Madison Partners represented the buyer; the seller was represented by Blake Mirkin of CBRE Group. The brokers did not immediately return phone calls seeking comment.