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Hollywood Office Building Sells in $25 Mil Deal

6/03/24

A six-story, 86.6k sf office building in Hollywood has traded hands in a $25.5 mil ($294/sf) deal. The Class A property, located at 7083 Hollywood Blvd, at the intersection with La Brea Ave, is viewed as a value-add opportunity.

The building features average floor plates of approximately 14,500 square feet and includes a walking bridge to the parking structure on the 2nd and 3rd floors. It also has prominent building signage, private tenant outdoor patios and ground floor retail opportunities. Furthermore, it offers easy access to the 101 freeway and is located less than half a mile from the Highland Red Line Metro Station, Los Angeles' second most used metro line.

The building was 52% leased at the time of sale and features 192 parking stalls. Positioned in the heart of Hollywood's tech, media and entertainment district, 7083 Hollywood boasts an impressive Walk Score of 97, offering immediate access to a world-class amenity base.

Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Rob Hannan, Ken White, Laura Stumm and Michael Moll represented the seller, Vanbarton Group. The unnamed buyer acquired the property in an all-cash transaction.

“7083 Hollywood is yet another example of an owner-user taking advantage of heavily discounted pricing for office product,” commented Shannon. “Owner-users are typically all-cash buyers and can operate quickly, removing any debt hurdles and providing a higher certainty of execution.”





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