Hilton & Hyland is planning to relocate from its current Beverly Hills location at 250 North Canon Drive to a brand new building under construction across the street, company co-founder Jeff Hyland told The Real Deal.
The formerly vacant property, which is between Bouchon and The Palm Restaurant at 257 North Canon, is being developed into a three-story retail building. Hilton & Hyland will take the whole second floor, comprising 15,000 square feet.
The move coincides with what amounts to an office arms race among residential firms in Beverly Hills following the entry of New York-based companies Douglas Elliman and Compass into the market.
Indeed, Hyland said several high-profile firms had been eying the trophy office space.
“Other companies were desperately trying to get the space that we ended up getting,” Hyland told TRD. “We wanted to be very certain that we weren’t south of Wilshire because almost all our business is north. We didn’t want agents to spend an extra 10 minutes in traffic each time they went back and forth to the office.”
For its part, Douglas Elliman recently signed a lease for an 11,000-square-foot space on El Camino Drive that will accommodate more than 100 agents, as well as support staff and a new development-marketing department.
Meanwhile, Compass inked a deal for 7,220 square feet at 9560 Wilshire Boulevard, a space that can accommodate about 60 agents.
Hilton & Hyland will open at the North Canon location in slightly over a year, Hyland said.