Tinder Founder Justin Mateen, Brother Tyler Mateen & Pouya Abdi Acquire Wilshire Rodeo Plaza in Beverly Hills, California for $211 Million

The Mateens plan to rebrand the iconic Golden Triangle business center as "One Rodeo" and attract leading retail tenants to maximize its potential. Photos available upon request.

BEVERLY HILLS, Calif., July 24, 2024 /PRNewswire/ -- Justin Mateen, Tyler Mateen, and Pouya Abdi have acquired Wilshire Rodeo Plaza, a Class-A office and retail complex located at the corner of Rodeo Drive and Wilshire Blvd in Beverly Hills. Purchased from Nuveen, the 300,000 sq. ft. property spans an entire city block and includes three six-story office and retail buildings along Wilshire Blvd. between Rodeo Drive and Camden Drive as well as a three-story office building along Rodeo Drive.

The property, located on the 100 block of Rodeo Drive will be rebranded as One Rodeo. The buildings' current tenancy includes financial companies Merrill Lynch/Bank of America, UBS as well as entertainment company William Morris Endeavor and Encore Recordings. The Mateens plan to upgrade and program the buildings to cater to luxury retail and office tenants.

"Iconic buildings such as One Rodeo will continue to benefit from increased demand as the trend toward high-quality assets continues to unfold in a post-Covid world," said Tyler Mateen, CEO of Cannon TTM, a Los Angeles-based real estate investment firm. "We are excited to acquire and reposition one of Southern California's landmark retail and office buildings."

"We are grateful to be acquiring these buildings at a time when institutional investors feel pressure to reduce their office footprint," said Justin Mateen, Founder of Tinder and venture capital firm JAM Fund. "We look forward to giving the retail spaces the love and attention they deserve as Rodeo Drive retail is fully leased and our buildings are the only natural continuation."

One Rodeo sits in the Golden Triangle, a world-renowned tourist destination known for its luxury shopping, top tier offices, high-end hotels, and fine dining. "The buildings sit at the entrance of Rodeo Drive and therefore every aspect of the property is being reimagined to deliver an elevated experience for our tenants and visitors," said Pouya Abdi of Parallel Acquisitions.

The Mateen brothers and Abdi, who are brothers-in-law, view the acquisition as a generational property. The purchase price was $211 million. Quantum Capital Partners advised on the debt for the buyers who elected to go with a loan from JP Morgan.

SOURCE Cannon TTM