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North Hollywood Office Building Bought by Rockwood Capital and Artisan Realty

11/11/19

A 74k sf, six-story office building in North Hollywood was purchased for $30 mil ($405/sf) by a partnership between Rockwood Capital and Artisan Realty. The multi-tenant building is located at 4640 Lankershim, east of the 170 Fwy and just north of the 134 Fwy in the eastern San Fernando Valley.

Built in 1982, the property is 98% leased to a number of prominent entertainment industry tenants, as well as a diverse set of financial, educational, and professional services companies. The seller, Swift Real Estate Partners, repositioned the project after its October 2017 acquisition. Improvements included restroom and lobby renovations and the creation of a large outdoor lounge, which helped quickly bring the project’s occupancy up from 70% to stabilization.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Rob Hannan, Laura Stumm, Ken White, and Mike Moll represented Swift in the transaction. The buyers were self-represented.

This transaction marks the second North Hollywood acquisition for Rockwood Capital and Artisan Realty. In August 2019, the same seller and buyer transacted Academy Tower, a Class A, two-building property at 5200 Lankershim, for $520 per square foot or $121.25 mil.

“North Hollywood has experienced tremendous rental rate acceleration alongside the adjacent submarkets of the Burbank Media District and Hollywood,” said Shannon.




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