BEVERLY HILLS, Calif.—As AVN reported in March, Hustler’s iconic headquarters building at 8484 Wilshire Boulevard in Beverly Hills has been sold to Douglas Emmett Inc. Hustler Founder and Chairman Larry Flynt announced today that he has closed on the sale and that he has signed a long-term lease for the company to remain in the building as its anchor tenant. According to today’s announcement, the sale price was $89 million, $7 million more than the sale price reported in March.
“I’m delighted to announce this transaction,” said Flynt. “I bought the building in 1994 for less than $19 million, so we’ve been able to unlock significant equity which we can now put to much better use in other ventures and achieve greater returns.”
The ten-story, class-A building has over 220,000 square feet of office and retail space. It has floor-to-ceiling windows in all offices, with outstanding view corridors throughout. It was built in 1972 as headquarters for the Great Western Savings Bank, and its unique elliptical structure was designed by the internationally celebrated firm of William Pereira & Associates.
“We were pleased by the overall interest we received from the market,” said LFP Inc./Flynt Management Group CFO Christopher Woodward. “Douglas Emmett is a premier company, and went the extra mile for us on this transaction. This sale gives us the flexibility to continue exploring expansion initiatives and other strategic opportunities throughout our organization.”
Tenants of the building also include the consulates of Brazil and Ecuador. Highland Realty Capital brokered the sale.