Notable Hollywood Tower Sold by Joint Venture in $16.4 M Deal
- Mar 24, 2015
The Cahuenga Media Tower, one of the most representative properties in the Hollywood submarket of Los Angeles, recently traded hands. An undisclosed buyer paid $16.4 million to a joint venture consisting of GPI Companies and KBS Strategic Opportunity REIT. The deal was brokered by CBRE representatives Kevin Shannon, Scott Schumacher, Michael Longo and Ken White, who worked on behalf of the seller.
Located south of Hollywood Boulevard in the Cahuenga Corridor, the six-story Cahuenga Media Tower offers a total of 34,666 square feet of office space. The multi-tenant office building features a penthouse level that gives tenants 360-degree views of Hollywood, and totals 7,331 square feet of space. The tenant amenity package includes common area kitchens, lounges, a commercial film screening room with luxury seating, ceiling treatments, hardwood and concrete flooring, a recording studio, as well as private parking. The property offers easy access to the 101 freeway, as well as a number of dining and entertainment spots such as Katsuya and the Pantages Theater.
The property underwent a number of changes, made by the seller in an effort to boost occupancy number. These improvements include a renovation of levels two and four, upgraded elevators, lobbies, garage entrances and an outdoor lounge space. These measures took the building’s vacancy down from 58 percent to 23 percent. According to Drew Planting, Co-Founder and Managing Principal of GPI, “the Hollywood market has become increasingly tight, and we felt now was a good time to sell and capitalize on this momentum after repositioning the building.”
Image courtesy of http://gpicompanies.com