BLT Enterprises Expands on Hollywood Scene
- Aug 06, 2020
BLT Enterprises continues to expand its footprint in the world of film and television production real estate with the acquisition of Television Center, a 200,000-square-foot creative office and production campus in Los Angeles. BLT acquired the historic Hollywood property from Television Center Inc., an entity of Bixby Bridge Capital LLC, according to City of Los Angeles records.
READ ALSO: CPE’s Coronavirus Coverage
Carrying the address of 6311 Romaine St., Television Center occupies two city blocks spanning 6.4 acres. The Art Deco-style property dates back to the 1920s, having served as the original headquarters of Technicolor and the studio lot for the original incarnation of Metro-Goldwyn Mayer. Today, the facility offers build-to-suit, creative and traditional office space with lease options ranging in size from 300 to 6,400 square feet, under terms varying from three months to five years. Under BLT’s stewardship, the strategy is to further the property’s evolution, focusing on reeling in additional tenants in the television, film and digital production industries. Additionally, BLT plans to position the property’s flexible space to accommodate changing tenant requirements in the post-pandemic environment.
BLT has not divulged financial specifics of the asset purchase; however, the multi-faceted commercial real estate development and investment company disclosed that it secured acquisition financing with the assistance of Sunrise Mortgage’s Bryan Kenny and Will James. The Lee & Associates team of Brad McCoy, Dave Wilson and Aaron Wilder provided BLT with representation in the purchase transaction and will provide advisory services on leasing, repositioning and development opportunities at the property as well.
The last year or so has proven a boon for BLT’s presence in the Hollywood Media District’s real estate market and consequently, on the Hollywood scene. The company acquired 6309 Eleanor Ave., a four-stage studio lot across from Television Center in 2019, a move that resulted in the creation of BLT Studios. Additionally, earlier this year, BLT purchased two creative office projects—5735 Melrose Ave. and 6151 Santa Monica Blvd.—totaling 26,000 square feet in separate transactions totaling $20 million. BLT’s portfolio of office, production and studio space in Hollywood now totals in excess of 250,000 square feet, with the potential for an additional 200,000 square feet of development.