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wedish luxury developer Oscar Engelbert has made another move in Los Angeles, teaming up with fashion entrepreneur Jens Grede to acquire the office building at 331 North Maple Drive in Beverly Hills from DivcoWest for $61 million. The deal marks a significant turnaround for Engelbert's once-mighty Scandinavian business, Oscar Properties, which is struggling financially. Engelbert and Grede each took a 50 percent stake in the landmarked property, which was previously owned by David Geffen's DreamWorks Records.

    The building had been vacant since DivcoWest bought it in 2018 for $82.2 million, but Frame, the pricey denim brand founded by Jens Grede and Erik Torstensson, has signed a lease to occupy the entire three-story building. The terms of the 89,642-square-foot lease are unclear.

    Engelbert and Grede have collaborated before, buying an office building in Hollywood last June with Skims as the tenant. This time around, having Frame locked in helped Engelbert secure a $75.2 million loan from Deutsche Bank, which will be used to pay for tenant improvements promised in Frame's lease. The new landlords are ahead of DivcoWest, which paid a 26 percent premium for the building six years ago and is now facing a loan workout with its lender.

    The acquisition marks another savvy move by Engelbert and Grede, who have shown an ability to identify underutilized office space and secure high-profile tenants. Their partnership has proven successful in the past, and this latest deal suggests they are poised for continued success in Los Angeles' competitive real estate market.