Iconic Hollywood Address Commands $210M
- Jan 12, 2017
Los Angeles—Kilroy Realty Corp. has acquired The Sunset, an iconic, 179,000-square-foot, mixed-use development in West Hollywood, Calif., from Broadreach Capital Partners for $210 million. HFF represented the seller in the transaction.
Once home to Playboy Entertainment, the 10-story building was acquired by Broadreach in 2007 for $105 million.
Situated along the world famous Sunset Strip, the complex encompasses 2.2 acres along Sunset Boulevard and boasts a 10-story, approximately 72,000-square-foot office tower and a three-building retail plaza encompassing approximately 107,000 square feet built on top of a subterranean parking structure that provides 930 parking spaces.
With 420 feet of street frontage at 8560-8590 Sunset Blvd., the property is within walking distance of an abundance of upscale residences, shopping, dining, and hotel development positioned along the rapidly urbanizing Sunset Strip in West Hollywood.
Tenants in the complex currently include Equinox gym, H&M apparel, Olive Peoples eyewear, SoulCyle exercise salon, Swarovski, Regus and Primo. Overall, the complex was 88 percent leased at the time of the sale. The project also includes three billboards atop the retail buildings that were fully leased at the time of the transaction.
The HFF investment sales team representing the seller included Ryan Gallagher and Michael Leggett, senior managing directors, Bryan Ley and Andrew Harper, managing directors and Tim Geiman, director.