Well, that didn’t take long.
Developer Robert Herscu of HQ Creative Space is already in contracts to lease his single-tenant creative office campus at 720 N. Cahuenga Boulevard in the Hollywood Media District, The Real Deal has exclusively learned. The campus only opened three weeks ago.
Docler Holdings, a Luxembourg-based multinational enterprise, will relocate its technology and film production divisions from elsewhere in Los Angeles County into the 33,200-square-foot complex.
“We are very pleased to have been able to reach a deal so quickly on this magnificent addition to HQ Creative’s commercial real estate portfolio,” Herscu said.
Docler Holdings is known, in part, for running Jasmin.com, an adult web-streaming site, which according to a company release, provides the “ultimate virtual girlfriend experience.” However, sources said the firm’s L.A. operation is focused on PG, PG-13 and R-rated film content.
Docler could not be reached for comment.
HQ Creative’s property, made up of three adjoining former warehouses renovated by Shubin + Donaldson, was built specially for a single creative user. It includes exterior courtyards, mezzanines, a screening room, kitchens and a yoga studio.
Herscu told The Real Deal last month he expected the site to get at least $4.25 a square foot a month in rent.
Exact terms of Docler’s lease were not disclosed, but sources said the firm has agreed to pay rates that are a record for the area for a three to five year period. The lease agreement is expected to close within the next two weeks.
Micheal S. Geller and Josh Bernstein of Beverly Hills’ First Property Realty Corporation are representing HQ Creative in the deal.
HQ bought the Cahuenga site for $6.5 million in 2014. According to Herscu, it spent a whopping $300 a square foot renovating it.