Landmark Marian Building in Beverly Hills, Calif., Sells for $11.75 Million
Built in 1929 by Jack Warner of Warner Bros. fame, the historic property went for approximately $1,000 per square foot.
With the $11.75 million sale of the Marian Building, built in 1929 by the mercurial Jack Warner of Warner Bros. fame, it's safe to say that real estate prices have officially bounced back.
The 11,000-square-foot building on the corner of Little Santa Monica and Beverly Drive went for approximately $1,000 per square foot. When Beverly Hills, Calif., real estate had reached its peak back in 2007, commercial buildings averaged about $500 per square foot.
Of course, this particular building is special. The two-story Spanish Renaissance structure is one of the oldest remaining commercial properties in the city. It was originally built by Warner to house the Beverly Hills Chamber of Commerce, back before the city even completed its library or post office.
The most recent seller was Byer Properties of San Francisco. You might remember the company's clothing line, Byer California. Family patriarch Allan Byer, also a part owner of the San Francisco Giants, named the building after his first wife, Marian.
The new owner of the building is Beverly Hills resident Behruz "Bruce" Gabbai, who owns a wholesale supply company. He hasn't yet revealed his plans for the property, although he did say a well-known restaurant would open in the first-floor space which once housed Johnny Rockets.
The building is a well-placed landmark, familiar to all who have dealings in Beverly Hills. Many used to stop in just to get a side of glamorous history with their fries.