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3/13/15
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Cahuenga Media Tower, a 34.7k sf office tower in Hollywood was acquired by an unnamed private investor for $16.4 mil, or $473/sf. The building, located at 1635 N. Cahuenga Blvd, south of Hollywood Blvd, was sold by GPI Companies and KBS Strategic Opportunity REIT.
The six-story, multi-tenant office building is constructed of concrete and steel, with a four-sided bronze reflective glass exterior and an observation elevator. The building’s 7.3k sf penthouse floor provides 360 degrees of unobstructed views of Hollywood.
The property includes a wide array of creative amenities that cater to Hollywood tenants, including exposed ceiling treatments, hardwood and concrete flooring, common area kitchens, multiple lounges, a commercial film screening room with luxury seating, a state-of-the-art recording studio, and private parking.
The building is situated along the Cahuenga Corridor and is easily accessible from the 101 Fwy. It is in close proximity to premiere Hollywood entertainment destinations, restaurants, and upscale bars and nightclubs, including Katsuya, the Pantages Theater, Colony Nightclub, and Playhouse.
During its holding period, the joint venture sellers increased occupancy from 42 to 77 percent by implementing improvements to not only the main spaces, but also by fully renovating tenant floors two and four. In the common areas, the joint venture upgraded the elevators, the lobby, the garage entrance, and the outdoor lounge space.
Drew Planting, Co-Founder and Managing Principal of GPI added, “The Hollywood market has become increasingly tight, and we felt that now was a good time to sell and capitalize on this momentum after re-positioning the building”
Kevin Shannon, Scott Schumacher, Michael Longo, and Ken White of CBRE brokered the deal on behalf of the joint venture.
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