Tinder Founder Leads $211M Mixed-Use Deal on Beverly Hills’ Rodeo Drive
By Nick Trombola July 24, 2024 3:02 pm
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Tinder co-founder Justin Mateen has swiped right on a premium piece of real estate in Beverly Hills.
Mateen, his brother Tyler Mateen and their brother-in-law (and local investor) Pouya Abdi have purchased Wilshire Rodeo Plaza, a mixed-use complex on the 100 block of Beverly Hills’ famed Rodeo Drive, from seller Nuveen for a cool $211 million. Tyler Mateen is the CEO of L.A.-based real estate investment firm Cannon TTM, while Abdi serves as principal of Parallel Acquisitions & Holdings.
Quantum Capital Partners advised the trio on a loan provided by J.P. Morgan Chase, though the loan amount was not immediately available.
The 300,000-square-foot property, which spans an entire city block, comprises three six-story office and retail buildings between Rodeo Drive and Camden Drive, as well as a separate three-story office building on Rodeo Drive. The buyers plan to rebrand the complex as One Rodeo, complete with building upgrades aimed at attracting luxury retail tenants.
“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,” Abdi said in a statement.
Current tenants at the complex include Bank of America, investment bank and financial services firm UBS, as well as entertainment company William Morris Endeavor and Encore Recordings.
“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,” Tyler Mateen added.
Tyler Mateen led Cannon TTM’s $80 million acquisition of the 248,841-square-foot entertainment and retail asset named HHLA in March 2023.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
