Real Estate - OCTOBER 14, 2021

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Family office sells medical office to Morgan Stanley JV for $81m

by Andrea Zander

A partnership between Morgan Stanley and Meridian has acquired the Beverly Hills Medical Plaza building for $81.5 million. The joint venture plans to invest significant capital in building improvements.

“Beverly Hills Medical Plaza was attractive to us for a variety of reasons,” said R.J. Sommerdyke, Meridian vice president, acquisitions. “In addition to its excellent location, the property has a very strong tenant roster. Tenants include an on-site surgery center, cardiology, pediatrics, internal medicine, orthopedics, gastroenterology and more. Additionally, over 50 percent of the tenant roster has an affiliation with neighboring Cedars-Sinai Medical Center. Furthermore, there is a very strong tenant ecosystem and referral network within the building that gave us confidence in the long-term commitment of the tenants.”

The seller is Iris Capital Group, a family office focused on real estate and developer, which has owned the property since 1989.

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