Centurion acquires Mandarin Oriental residence in Beverly Hills

BEVERLY HILLS, California — North Richland Hills, Texas-based Centurion Real Estate Partners has acquired the 54-key Mandarin Oriental Residences, Beverly Hills in California, for an undisclosed price.

New York City-based Shvo developed the project, and it is the Mandarin Oriental’s first residential-only project on the West Coast. According to multiple reports, Shvo defaulted on more than $200 million in loans for the property last September and the property went up for bulk sale after the lenders filed a notice of default.

The project, which spans a full city block atop Beverly Hills’ Golden Triangle, was completed in May and 10 units were sold for $69.7 million, according to Newmark. According to Bisnow, the default prompted a bulk sale of the remaining 44 condo units at the property. In a statement, a spokesperson for Shvo said it had arranged financing with JP Morgan but chose to work with the original lender to market the remaining units in a bulk sale, including 6,000 sq. ft. of retail space on the ground floor.

The Real Deal said the property was owned by Shvo, Deutsche Finance and an unidentified group of German pension funds. The publication also reported that Shvo Founder, Chairman and CEO Michael Shvo bought the property for $130 million in 2019.

Centurion Real Estate Partners is a vertically integrated platform that has made more than $2.5 billion in real estate investments. The company has spearheaded the development and repositioning of several luxury residential condominium projects, including The Beacon in San Francisco, and several properties in New York City, including 212 West 72nd Street, 200 East 59th Street, 33 Park Row, Riverhouse One Rockefeller Park and River & Warren.

According to The Real Deal and Bisnow, Shvo also owns a 69-key Mandarin Oriental branded residential project in Manhattan, but only 14 units have been sold as of last June. 

“For over 60 years, Mandarin Oriental has been renowned for its legendary service and inspiring spaces and we are confident Centurion will uphold these exacting standards, ensuring an extraordinary lifestyle for our residents,” said Laurent Kleitman, group CEO of Mandarin Oriental Hotel Group. “We are grateful to Michael Shvo for his vision and dedication in bringing this project to life, setting a new benchmark for luxury residential experiences in Beverly Hills.”