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SOUTHERN CALIFORNIA NEWS
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Kairos Investment Management and Harbor Associates Buy Hollywood Office Tower

3/07/23

Kairos Investment Management Company (KIMC) has partnered with Harbor Associates to acquire a Class A, 12-story office and retail property with a five-story parking garage totaling over 208k sf in Hollywood. The property is located at 6922 Hollywood Blvd, at the intersection of North Orange Dr and Hollywood Blvd.

6922 Hollywood Boulevard fits with Kairos’ value-add strategy as the headwinds from the pandemic have allowed the property to be acquired at distressed pricing leaving the asset primed for capital and operational improvements, according to Carl Chang, CEO and Founder of Kairos.

“This joint venture acquisition seeks to take a contrarian view of the current market conditions surrounding office,” says Chang. “The mixed-use asset offers multiple streams of revenue which mitigates some of the risk around office in the near term, including 100% leased retail, and rapidly improving parking revenue as traffic in this highly trafficked tourist destination has accelerated post lockdowns. The diversification provides real opportunity to grow the asset’s value as really well-positioned properties recover in the future.”

As part of this strategy, Kairos plans to do site and facade improvements, as well as update vacant office space, with a goal of reaching 85% - 90% occupancy, by the end of 2025.

The Trailer Park Group, an industry leader in entertainment marketing and content production, is the building’s anchor office client, currently leasing the top three floors. The retail space totaling over 37k sf on the street-level is fully leased with most tenants renewing long-term leases in the past six months. Retail tenants include Wahlburgers, CaboWabo, US Bank, and Line Friends.

The property also includes an underground and adjacent five-story parking garage. The pandemic significantly impacted the revenue from this component of the asset, but with nearly 500 spaces for both tenant and transient use, revenue has already begun to return to pre-pandemic levels. With sustainability, employee friendly amenities, and urban safety key to the future of the office, the building’s ample natural light, LEED Gold Rated systems, and lobby security makes the asset an attractive option for new lessees seeking to provide Class A amenities as employees look to return to the office and improve work productivity.

The property provides spectacular views from every floor from the surrounding Hollywood Hills and Griffith Park to downtown Los Angeles. Public transportation is readily available with LA Metro’s Redline Hollywood/Highland stop a block away. The building is LEED Gold Certified, and Energy Star rated. The building is conveniently located within a mile to the Hollywood Freeway and neighboring hotels, other high-end restaurants and retail, as well as the Hollywood Entertainment District attractions.





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