Kilroy Expands SoCal Portfolio With Media-Centric Office Acquisitions
- Oct 09, 2012
Real estate investment trust Kilroy Realty Corp. has further increased its Southern Californian footprint by completing the acquisition deal for Columbia Square, a Hollywood media campus. The company is also in final stages on the acquisition of Tribeca West, an entertainment-oriented office property in West L.A. The Columbia Square property cost Kilroy a reported $65 million while Tribeca will come in at around $73 million.
The Columbia Square property is an office campus that includes three historic office buildings offering approximately 96,000 square feet. The property is the former home of CBS’s local radio and TV branch. The site is also fully entitled for the development of a mixed-use project including office, retail and multifamily components. A development agreement valid for 15 years is also in place for the project. The 6121 W. Sunset Boulevard campus is located just one block from another of the REIT’s properties, the Sunset Media Center. A multi-phase redevelopment and development plan is already being considered by Kilroy; it would increase the amount of available office, retail and residential space by 550,000 square feet while also preserving the existing William Lescaze-designed buildings.
Tribeca West is positioned as an upcoming deal, as KRC is currently in contract to buy the property. The specs of the agreement include the assumption of a $41 million existing secured loan by Kilroy. The 151,000-square-foot complex carries a $73 million price tag. Located on Olympic Boulevard, a prime West Los Angeles spot, the building is a favorite of production companies. Carrying a 96 percent occupancy rate, Tribeca West is one of the hottest properties in the area.
Photo courtesy of tribecawestla.com