For Sale: Historic Hollywood Theater Listed at $31M
- Sep 18, 2008
Located on the Hollywood Walk of Fame, the El Capitan Building–where Disney premieres each of its new movie releases–was listed for sale Wednesday with an initial price tag of $31 million. The building (pictured), located at 6834-6838 Hollywood Blvd., is being sold by its owner, CUNA Mutual Group and will be marketed by CB Richard Ellis Inc. The six-story, 85,000-square-foot, Class A building includes the movie cinema, office space and a retail store. Known as a tourist draw, it is located directly across from the Kodak Theater, where the Academy Awards are presented. The owner renovated the office building with state-of-the-art mechanical systems. It is 100 percent occupied by entertainment industry tenants. In 1991, the theater–which opened in 1926–underwent a major renovation, and the El Capitan was unveiled as a premier movie palace. “Trophy assets have broad appeal in the investment community. In addition to being one of the most recognizable buildings in Hollywood and a registered historic landmark, the El Capitan is a core, stable asset in one of the strongest markets in Southern California,” Timothy Bower, senior vice president of CBRE, told CPN. “The Hollywood market has received worldwide attention in recent years, and it will continue to be a strong focus for investors both domestically and internationally.” “We review our investment portfolio regularly and … we felt that now is a good time to market our most high profile property, which is the El Capitan,” a spokesperson for CUNA Mutual told CPN. The El Capitan Building is registered as a National Historic Landmark and hosts 19 million visitors annually. According to information from CB Richard Ellis, the theater is reportedly the highest grossing single screen theater in America, with more than 1,000 seats, state-of-the-art digital projection and sound systems, a refurbished 1928 Wurlitzer pipe organ and a movie screen that rises to reveal a 50-foot stage for live performances.