Major Office Deal Takes Place in Hollywood, Possible Trend Forming
- Aug 16, 2011
A massive real estate deal was closed this week for the entertainment office building at 6922 Hollywood Blvd. The 12-story building traded hands between former owner CIM Group and Hudson Pacific Properties. The commercial real estate investment firm doled out a whopping $92 million for the property, making the transaction the largest the area has seen in recent years, according to The Hollywood Reporter.
The 190,000-square-foot Class A office building is currently 99 percent leased and houses tenants such as Trailer Park, Euro RSCG Worldwide and Ralph Edwards Productions. The property used to house the headquarters of TV Guide, winning it the moniker TV Guide Hollywood Center. The office tower stands directly across from Grauman’s Chinese Theatre and is adjacent to the Hollywood Roosevelt Hotel. The high value of the property is mirrored in its per-square-foot fee, as the $484 CIM Group is getting far outweighs the rates for which the nearby Sunset Media Tower traded. Sunset sold for $238 per square foot, a far less impressive price.
The main tenant, the movie trailer company Trailer Park, currently occupies 56,880 square feet, but expansion plans will raise its tally to 71,000 by the end of the month. Hudson Pacific, the new owner, has gained quite the amount of steam with past purchases such as the 2007 deal for Sunset Gower Studios as well as the Technicolor Building, THR reports.