Blackstone sells Universal City office building for $36M

Buyer 4M Investment and Elat Properties plan to renovate, hike rents

TRD LOS ANGELES /
Feb.February 17, 2017 10:45 AM

The Blackstone Group unloaded a Class A office building in Universal City for $36 million to a joint venture between 4M Investment and Elat Properties, both Los Angeles-based.

The Cahuenga West building, at 3330 Cahuenga Boulevard, spans 103,000 square feet and is 98 percent leased to tenants including Panasonic, media software company Extreme Reach, and EPS-Cineworks, the San Fernando Valley Business Journal reported. 

NGKF’s Kevin Shannon, Rob Hannan, Michael Moll, and Rob Erickson, along with Trevor Belden of Industry Partners, represented Blackstone in the deal.

“The property offered the buyer the opportunity to add value by implementing a modest renovation plan, and bringing rents to market rates as leases expire,” Shannon told the Journal. [SFVBJ] — Cathaleen Chen


Related Articles

arrow_forward_ios
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

The sale of the Ace Hotel was the biggest L.A. County hotel buy in 2019 (Credit: Google Maps)

Here are the biggest LA hotel sales of 2019

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

arrow_forward_ios
Loading...