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BLT Enterprises Spends $64 Mil on Hollywood Campus Property

8/05/20

BLT Enterprises has acquired Television Center, a nearly 200k sf, creative office and production campus situated on 6.4 acres in the heart of Hollywood, in a $64 mil transaction. The movie studio asset was previously home to Metro Pictures and a division of Technicolor.

For BLT, the acquisition of this 6.4-acre property boosts the firm’s Hollywood portfolio to over 250k sf of office, production and studio space, including four soundstages. At present, tenants at the property include media, technology and entertainment firms, along with a Gold’s Gym.

The asset is bounded by five iconic streets –Santa Monica Boulevard, Cahuenga Boulevard, Willoughby Avenue, Cole Avenue, and Romaine Street.

“This was a once-in-a-generation opportunity to acquire an asset of this scale in the Hollywood Media District, which is undergoing a renaissance with the convergence of media and technology companies,” says Bernard Huberman, Founder and President of BLT Enterprises. “Prior ownership did a phenomenal job of transforming the property from its original uses, and we accept the passing of the baton and will continue the property’s evolution to attract more TV, film and digital production tenants from both traditional and streaming media companies, as well as innovative tech and design professionals.”

Additionally, Huberman explains that the opportunity to provide tenants with a large range of flexible office and production space at this central location is in line with BLT’s strategy to adapt to tenant needs over the long term, and could become more crucial in the aftermath of the COVID-19 pandemic.

“The office and production spaces come in a variety of sizes and there are many opportunities for build-to-suit development and redevelopment,” says Huberman. “Further, the studio campus layout of the property, with gated access, production facilities, almost 800 parking spaces and ample outdoor amenity areas, is attractive to both small tenants and enterprise users.”

With the acquisition, BLT now owns more than a quarter million square feet of office, production and studio space in Hollywood, with opportunities to expand the portfolio with approximately 200k sf of untapped development.

BLT was represented by Brad McCoy, Dave Wilson and Aaron Wilder of Lee & Associates, West LA, in this transaction. They are also acting as advisors on leasing, repositioning and development opportunities at Television Center, and at BLT’s other Hollywood, Santa Monica and West Los Angeles projects. Acquisition financing was arranged by Bryan Kenny and Will James of Sunrise Mortgage, and title and escrow were handled by Mike Slinger, Patricia Shlageck, and their teams at Chicago Title.





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