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October 23, 2018
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Creative Office Property in Hollywood Sells for $949/sf

7/18/18

A 4.3k sf, creative office compound in Hollywood sold for $4.1 mil, which works out to $949/sf, a price per sf we’re told is a record for this submarket.

The property is located at 6507-6509 De Longpre Ave, south of Sunset Blvd and west of Vine St. The compound, which includes private gated parking and a fully wired security/sound system, previously was occupied by Go Film, a commercial and television production company.

Nathan Pellow and Patrick Moody with Colliers International represented the seller, Weinandroses LLC, a privately held real estate investment firm. They report that the listing generated multiple bids.

“This sale and the multiple bids it attracted underscore several positive factors about the Hollywood office submarket, in particular, but also about the greater L.A. office market, overall,” said Pellow, who only weeks prior to this transaction led a Colliers team in securing a record $57 mil lease at the new 73-story Wilshire Grand Center in downtown Los Angeles. “It demonstrates that the rising economic tide does, indeed, lift all boats eventually, and that nearly every office submarket has benefitted from the continuing economic growth we are witnessing.”

After receiving nearly a dozen bids in the weeks following its initial listing, an unnamed music production company submitted the winning bid to purchase the property, which underwent a complete renovation in 2008.





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