Columbia Savings Group Developing Wilshire Sites

Columbia Savings & Loan’s Columbia Savings Realty Group subsidiary has purchased one parcel and leased three others along Wilshire Boulevard in Beverly Hills for a total value of $50.5 million, and has begun construction on two of them.

The four parcels are at 8931, 8990, 9200 and 9330 Wilshire. The 8990 and 9330 sites are already under construction, and work on the other two will begin next year.

The three-story, 78,000-square-foot building planned for the 8990 site will serve as Columbia Savings’ new corporate headquarters when it is completed in March, 1989. A three-story “sister” building with 48,000 square feet of office, retail and financial-services space will be built on the 9330 parcel. Skidmore, Owens & Merrill is architect of the two buildings.

The other two buildings will also have three stories. Columbia purchased the 8931 parcel from Marata Properties and leased the other three for 99 years from Hillcrest Motor Co.

The company also recently bought the property at 9412 Wilshire that currently houses the Abercrombie & Fitch Building, Southwest Savings and the Beverly Theater. The realty firm plans to renovate the entire block over the next few years, beginning immediately with the Abercrombie & Fitch property.