Blackstone sells Universal City office building for $36M

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

Feb.February 17, 2017 10:45 AM
3330 Cahuenga Boulevard and Blackstone global head of real estate Jonathan Gray

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

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