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Greenberg Glusker represents City of Beverly Hills in Lucrative Deal with Wanda Group

November 2, 2016Media Mention
Bisnow

Wanda Group and the City of Beverly Hills have negotiated a huge development deal for the $1.2B One Beverly Hills.

As part of the agreement, Wanda Group would shell out $60M up front, it was announced Friday. This would be instead of $30M approved eight years ago.

The Wanda Group would also pay an additional 5% surcharge of gross room revenue in addition to the 14% transit occupancy tax. The deal includes a quadrupling of the environmental mitigation and sustainability fee.

Beverly Hills Mayor John Mirisch stresses the deal is tentative and still needs to go through the process, but tells Bisnow "$820M for a city over 30 years is a very beneficial deal, to say the least."

The mayor negotiated the agreement along with Beverly Hills City Council member Lili Bosse with help from Greenberg Glusker.

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