Larry Flynt May Sell Beverly Hills Office Tower
BEVERLY HILLS, Calif. — Larry Flynt may be selling the Beverly Hills office building where his LFP Inc. headquarters are located.
Three finalists reportedly have put in bids of about $85 million for the 208,000-square-foot building located at the intersection of Wilshire and La Cienega boulevards, adjacent to Restaurant Row.
The 40-year-old building, brown and oval-shaped, is crowned by “Flynt Productions” lettering on the roof and includes an oversized bronze statue of actor John Wayne riding a horse, a carryover from the building's days when it housed a Great Western Savings branch.
Flynt's Hustler headquarters occupies several floors, including the 10th floor executive suite, with the rest of the building managed by LFP division Flynt Management Group LLC.
Flynt has owned the 10-story tower, known simply as the Flynt Building, for the past 28 years.
Tenants include the consulates of Brazil and Ecuador, as well as attorneys and doctors office, in addition to Flynt’s film, online, retail and publishing businesses.
Arthur Sando, who leads communications for LFP, confirmed to XBIZ the possibility of selling the building.
“It’s a valuable asset whose equity we believe could be used more productively in other areas," he said. "At this point, however, no decision has been made.”
Sando, however, did not disclose to XBIZ whether the company would continue on as a lessee if it were to sell the building.
According to Bloomberg News, the bidders of the property are Tishman Speyer Properties LP, owner of New York’s Rockefeller Center; Douglas Emmett Inc., a real estate investment trust based in Santa Monica, Calif. and Los Angeles-based Kilroy Realty Corp., another real estate investment trust.
Flynt has retained Brad Sevier of Highland Realty Capital Inc.