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Apr. 19, 2013

CIM Group Sells Historic Hollywood Boulevard Apartments

By Jeffrey Steele, Contributing Writer

Los Angeles—SEVENTY46, a 1920s-era, neo-Gothic style, Hollywood Blvd. apartment building, has been sold to Kambiz Hakim, a private real estate investor and developer, and his sons Alexander and Steven. The announcement was made by CIM Group, the seller of the property.

Listed on the National Register of Historic Places, SEVENTY46 is also called the Hollywood Professional Building Residences, a nod to its earlier incarnation as an office building. Acquired by CIM Group in 2004, it underwent an extensive restoration and repurposing three years later, turning it into loft-style apartments above enhanced ground-floor retail encompassing 6,400 square feet.

In the top-to-bottom renovation, the building was given a seismic upgrade and new electrical and fire and life safety systems. The many architecturally significant features of the building—ranging from banisters, light fixtures and windows to the structure’s historic façade and grand lobby—were restored.

Designed by seminal architect John Lautner and completed in 1925, the Hollywood Professional Building was a prime example of Gothic Revival architecture. It was first the site of the Academy of Motion Pictures Arts and Sciences headquarters, and later the building where Ronald Reagan toiled in his eighth floor office as then Screen Actors Guild president.

Today, it is at the center of the “new Hollywood,” its location appealing to those who savor a hipper, more dynamic neighborhood. Just two blocks from the Hollywood & Highland Metro station, it is in the midst of some of L.A.‘s most popular restaurants, clubs, concert venues, entertainment centers, shopping and more. The flagship LA Fitness location is directly across the street.

SEVENTY46 is located on the same block as the Roosevelt Hotel, is one block away from the legendary Grauman’s Chinese Theatre and is near many of CIM Group’s Hollywood-area investments, including the Hollywood & Highland complex.

Hollywood as a whole is among Los Angeles’ most dynamic job centers, and is home to many companies in the technology and entertainment industries.

Individual live-work spaces at SEVENTY46 include 9- to 12-foot-high ceilings, gourmet kitchens with stainless steel appliances, natural bamboo flooring, central heat and air conditioning, high-speed Internet and digital cable-ready connection and picture windows with views of the Hollywood sign, Hollywood Blvd., downtown Los Angeles and Santa Monica. The building itself features parking, secured access, on-site laundry facility and on-site storage, as well as an upscale restaurant on the ground floor that offers room service delivery.

The broad variety of amenities, unrivaled location and demand for quality live-work units contributed to CIM Group’s success in maintaining the building at full occupancy levels following the 2007 renovation.

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