F
aring Capital's Jason Illoulian and fashion and hospitality entrepreneur Frank Zarabi have acquired one of Tishman Speyer's remaining Beverly Hills office buildings for $90 million. The joint venture between Faring and Envision paid $668 per square foot for the 134,800-square-foot property at 9242 Beverly Boulevard.

    The deal marks a significant move into commercial properties for Envision, which is distinct from Zarabi's hospitality-focused Envision Hotel Partners. While details on financing are unclear, the partnership brings together Illoulian and Zarabi, who share enthusiasm for this venture. Faring Capital has been expanding its portfolio in recent years, including forming a joint venture focused on affordable housing with Standard Communities.

    Tishman Speyer acquired the property in 2005 for $38.3 million and outfitted the ground floor to accommodate a Mercedes-Benz dealership. The building's upper floors are leased to Post Real Estate Group. Tishman Speyer had taken out a $220 million loan tied to three Beverly Hills properties, including this one, but refinanced it successfully in 2017.

    The sale of another nearby property, 407 North Maple Drive, for $118 million earlier this year demonstrates the high demand for commercial space in Beverly Hills. Tishman Speyer's Paul Galiano attributed the success of the deal to the quality environment cultivated at the building.