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
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


Related Articles

arrow_forward_ios
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

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

Blackstone CEO Stephen Schwarzman and TruAmerica CEO Robert Hart

Blackstone digs deeper into SoCal with massive rental portfolio buy

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

arrow_forward_ios