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Vanbarton Group Pays $38 Mil for Hollywood Office Building

6/15/18

A 73.8k sf office building located in Hollywood was purchased for $37.75 mil by Vanbarton Group, a New York-based real estate investment and advisor firm. The property, located at 6725 Sunset Blvd, includes a five-story multi-tenanted office building featuring creative tenant buildouts and an adjacent three level parking structure.

The property was 100% leased by approximately 15 tenants primarily concentrated in the entertainment, tech and media industries at the time of sale. 6725 Sunset had undergone an extensive repositioning and features open floor plans, polished concrete floors, exposed brick walls and an outdoor courtyard for tenant gatherings, as well as unobstructed views of the Hollywood Hills.

NKF Capital Markets Co-Head of U.S. Capital Markets Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Ken White, and Senior Managing Director Michael Moll represented the seller Crown Realty & Development, along with local market leasing expert, John Tronson, principal at Avison Young. Crown Realty & Development’s Chief Operating Officer Kreg Groat also represented the company in the transaction. The buyer was self-represented.

“Since 2005, this property has maintained an impressive average occupancy of 92 percent despite a significant amount of new office construction delivering in Hollywood. The property’s performance is a testament to its competitive positioning catering to entertainment-type tenants,” said Hannan.

Moll added, “With nearly 50 percent of the property expiring by the end of 2018 and in-place rents substantially below market, the investment offered a unique value-add profile within one of Los Angeles’ most sought-after office submarkets.”

The purchase of 6725 Sunset follows Vanbarton Group’s recent acquisition of the nearby 85k sf office property at 7083 Hollywood Blvd, which closed in September 2017.





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