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5/16/17
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The home of Grandmasters Recorders, an iconic recording studio on North Cahuenga Blvd in Hollywood, was acquired by LA-based Cahuenga Investors LP for $6.1 mil. The property, which includes a 9.2k sf commercial building on 8.6k sf of land, is located at 1518 N. North Cahuenga Blvd, just north of Sunset Blvd.
The building, which was built in the 1920s and began its life as Bijou Studios, holds a place in Hollywood history. Artists that have recorded at Grandmaster Recorders include Stevie Wonder, David Bowie, Ringo Starr, Tom Petty, Motley Crue, Chaka Kahn, Rick James, Blondie, Billy Idol, The Pointer Sisters, Red Hot Chili Peppers, The Black Crowes, Foo Fighters, Gwen Stefani, Jack Johnson, Kanye West, Nine Inch Nails, Tool, and Rush.
Kathleen Silver and Kay Sasatomi of Silver Commercial represented the seller, a private investment group, in the transaction. Howard Sadowsky of Brooktree Partners represented the buyer, who plans to renovate and convert the space to retail, restaurant(s) or possibly a nightclub.
"The building is located in a high demand area on the Cahuenga Corridor, surrounded by vibrant retail, restaurants, nightclubs and hotels," said Sasatomi. "We had a tremendous volume of offers and were in escrow within weeks of putting the property on the market.”
Surrounding development projects include a 275-room Marriott Hotel next door and a 64-room boutique hotel project across the street. There are at least 15 proposed and ongoing development projects within in the immediate area, including the Dream Hotel opening in September, Thompson Hotel, Tommie Hotel, Godfrey Hotel, CitizenM Hotel, Millennium Tower and a mixed-use project at the Amoeba Records site.
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