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October 22, 2019
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LOS ANGELES COUNTY NEWS
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New York Life Investors Buys 200k sf Office Property in North Hollywood

6/14/19

A 205.3k sf office property in North Hollywood was acquired by New York Life Real Estate Investors, on behalf of an institutional client. The building was sold by Beacon Capital Partners, which had acquired it for $69 mil in 2017. The price was not disclosed.

The property, located at 5161 Lankershim Blvd, is one block from the local metro station in the heart of North Hollywood. The four-story creative office building is situated within the Los Angeles Media District and was 100 leased to a combination of media and entertainment industry tenants.

The building, which was significantly renovated between 2016 and 2018, features fully renovated common areas and tenant spaces, private, open-air balconies, column-free open floor plates, a fitness center, entertainment lounge and outdoor recreation area. Tenants include WeWork and Bento Box Entertainment, Aspect Ratio and Endemol Shine Group.

Todd Tydlaska, Sean Sullivan, Mike Longo, Val Achtemeier and Greg Grant of CBRE represented the buyer in this transaction. The CBRE team also represented the seller in the transaction.

“North Hollywood is experiencing considerable public and private investment. Its transit, amenities and walkability have attracted numerous media and entertainment companies to the area,” noted Longo. “The media arms race for new content has resonated with domestic and foreign real estate buyers as Los Angeles has been the #1 destination for investment for the past four years.

The Los Angeles County Metropolitan Transit Authority, in partnership with Trammell Crow, is moving forward with plans for District Noho, a $1.2 bil, mixed-use development on the 15.6-acre site surrounding the local metro station.

Investor appetite for properties in the Greater Hollywood area has been strong, driven in part by the continuous demand for space from tech and media tenants across West LA and Hollywood, in particular. The market’s positive net absorption marked gains in 28 of the past 33 quarters for an aggregate of 15 msf.






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