Michael Shvo, Bilgili Group & Deutsche Finance Purchase 9200 Wilshire Blvd in LA in Joint Venture

On May 9, it was reported that a joint venture led by SHVO, Bilgili Group and Deutsche Finance announced the purchase of 9200 Wilshire Boulevard, a fully entitled residential and retail development site adjacent to the prestigious Beverly Hills “Golden Triangle.” The group purchased the site for $130 million from New Pacific Realty Corp. The project, which will elevate the standard of luxury living in the area, is one of the only active new developments of its kind in Beverly Hills.

In June of 2018, the New York Times reported that a penthouse at the Getty, (owned by Michael Shvo) a new boutique condominium in West Chelsea, had sold for $59.06 million, setting a downtown record.

9200 Wilshire will feature 54 luxury residences in a sleek, mid-rise structure. The seven-story building will showcase a striking glass exterior and a suite of exclusive amenities, including a rooftop pool with sprawling vistas of the cityscape below. The building will also include approximately 6,650 feet of retail space wrapping a central courtyard fronting Wilshire. The approved, 307,397-square-foot project will provide future residents with an exclusive living experience in one of the world’s most sought-after neighborhoods.

The joint venture is led by developers SHVO and Bilgili Group, together with institutional real estate funds managed by Deutsche Finance. The joint venture’s investors include Bayerische Versorgungskammer (BVK), one of the largest institutional investors in Germany and top ten pension funds in Europe. Lotus Capital Partners arranged a $51 million acquisition loan from California based Acore Capital.

Located at 501 West 24th Street in Manhattan’s coveted West Chelsea neighborhood, the Getty is an architectural sculpture that is composed of six bespoke homes, an art gallery and an art museum. Situated at the corner with Tenth Avenue, the property is located in the burgeoning art district and overlooks the High Line

This is the third joint venture between SHVO, Bilgili Group and Deutsche Finance. Earlier this year, the group purchased the historic Raleigh Hotel property in Miami, and in 2018, they acquired the office portion of 685 Fifth Avenue, which is now being converted into luxury Mandarin Oriental Residences.

“We are thrilled to add 9200 Wilshire to our portfolio of luxury assets in prime locations,” said Michael Shvo, Chairman of SHVO. “Our new residential concept will offer the highest quality of living and amenities, providing extreme value for those seeking something truly extraordinary in Beverly Hills.”

The sponsor unit, which encompasses the top three floors of the geometric glass building on West 24th Street and 10th Avenue, was also the most expensive transaction in New York City for the month of May, according to property records

“I am constantly striving to grow my portfolio with unique assets. As I diversify internationally with one-of-kind assets such as the Raleigh in Miami and the Mandarin Oriental Residences in New York, I am thrilled add 9200 Wilshire to my collection,” said Serdar Bilgili, Chairman of Bilgili Group.”

“We are focused on investing in prime sites in key markets with the best teams. There is enormous demand in Beverly Hills for this t

ype of luxury offering, but extremely limited supply. We are excited to partner with SHVO and Bilgili Group to bring Beverly Hills a new, one-of-a-kind luxury residential offer with 9200 Wilshire,” said Jason Lucas, Managing Partner of Deutsche Finance.