StarPoint Properties, a real estate investment and operating company, reported it purchased the second tallest office tower in Beverly Hills, California. The 12-story structure, known as the Wells Fargo Building, was bought from its original owner for $193 million.

According to company officials, “the purchase of 433 N. Camden Drive is a rarity for the Beverly Hills submarket, where extremely low vacancy rates and high average rents among only 16 Class A office properties produce few ownership changes in "The Golden Triangle."

"To say I've had my eye on this property is more than a figure of speech," said StarPoint's CEO Paul Daneshrad. The building is a prominent part of the view from Daneshrad's office at StarPoint's nearby headquarters. He said it served as his daily reminder that the property meets every aspect of StarPoint's stringent investment philosophy.

"For years, I've had a visual reminder of the enormous potential value of the building's size and high-demand luxury location. I've also understood the long-term investment needed to reach that potential. Our plans will truly transform the property and create a fresh experience for both tenants and the public,” Daneshrad said.

The 207,432-square-foot building hasn't been renovated in 15 years and falls 25-percent below the market's average rent of $48.24 per square foot, presenting a once-in-a-lifetime opportunity for StarPoint, company officials said.

Though specific redesign plans are not yet finalized, StarPoint's initial plans include transforming a 6,500-square-foot deck on the fourth floor to a world-class, open-air lobby that emphasizes natural light and features sculpture gardens and an improved façade.

"StarPoint will modernize indoor and outdoor spaces, update existing office spaces and provide amenities that match its premiere location at the western edge of Rodeo Drive's legendary shopping experience," said Daneshrad. "The property will become a profit engine that helps StarPoint and our tenants achieve a bottom line that is commensurate with the world-class location."

Tenant profits and customer convenience will continue to be supported by heavy pedestrian traffic and nearly 500 parking spaces on the third floor and three underground levels. The upgrades will also support tenants' business and hiring goals while transforming the property into a full-service retail and office destination that brings average rents in line with its location, officials explained.