Dole Sells Headquarters to Hilton Foundation for $50 Million

Dole Sells Headquarters to Hilton Foundation for $50 Million



WESTLAKE, CA - Dole Food Company has reportedly decided to part ways with its headquarters—at least ownership of its headquarters. The company has reportedly sold its 168,00-square-foot home, located at One Dole Drive in Westlake Village, California, to the Conrad N. Hilton Foundation for $50 million.

According to a report by the Commercial Observer, One Dole Drive has served as Dole’s home base for more than 20 years. The Hilton Foundation was previously a short-term tenant at the property, and the organization will also continue to own and operate a LEED platinum-certified property just two miles away from the Westlake campus.

Photo Credit: CBRE | Dole Food Company has reportedly sold its 168,00-square-foot home, located at One Dole Drive in Westlake Village, California, to the Conrad N. Hilton Foundation for $50 million

Dole will continue to occupy a portion of the campus, presumably as a tenant of the Hilton Foundation.

An unnamed spokesperson for Dole confirmed the sale to the Commercial Observer, stating: “we are very happy the building will be in good hands moving forward.”

Dole’s representative in the transaction, CBRE, issued a statement on the transaction.

 Mike Longo, Vice President, CBRE“One Dole Drive is a truly unique property,” Mike Longo, CBRE’s Vice President, said. “There is nothing like it in the entire market. Dole Foods has been a great contributor and employer in the City of Westlake. It’s exciting to see that this property will be handed-off to such a distinguished family with an exceptional philanthropic mission.”

No reports have been forthcoming about Dole’s relocation plans—nor its plans to reinvest the proceeds of the sale.

Dole



Companies in this Story


Dole

Founded in Hawaii in 1851, Dole Food Company, Inc., with 2010 revenues of $6.9 billion, is the world's largest producer...