|
|
1/22/16
|
A Hollywood creative office property just traded hands for $674/sf, one of the highest prices per square foor for an office property in the area, demonstrating Hollywood’s appeal to investors and strong tenant demand. The 10.4k sf building, located at 5707 Melrose Ave, at the corner with Larchmont, was purchased by Langdon Street Capital.
The single-story building was sold by DCP Management LLC for $7 mil in an all cash transaction. It features a bow truss, exposed red brick, concrete floors, and skylights. The building has been upgraded for post-production and creative office use. The property was delivered vacant at the close of escrow, and the purchaser plans to further improve existing enhancements to attract a top-tier media, entertainment or technology tenant.
The building caters to entertainment-related tenants with one side featuring post-production space, complete with several editing bays of various sizes, high ceilings, executive office space and a full kitchen. The property sits amidst the Hollywood multi-tenant office market, which is comprised of more than 3.1 msf spread throughout 36 office buildings.
The seller was represented by CBRE’s Rob Waller, Patrick Amos and Andrew Riley. CBRE’s Matthew Perlmutter repped the buyer in the transaction.
Hollywood is in the midst of a major revitalization, which includes more than $4 bil in public and private developments, including entertainment and tourist venues, the extension of the transportation infrastructure, a large concentration of new residential, commercial and office developments, and the redevelopment of numerous restaurants, hotels and bars. This activity and investor interest has transformed the area into a vibrant “live, work, play” environment, which has led to large recent lease transactions from Netflix and Viacom, who relocated to Hollywood from Beverly Hills and Santa Monica respectively.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
