Crown Realty shops Hollywood office building for more than $30M

Company bought property for $19.5M in 2005

TRD LOS ANGELES /
Jun.June 08, 2017 10:45 AM

Irvine-based Crown Realty is shopping a five-story Hollywood office building on W. Sunset Boulevard. Sources said the owner wants a price tag in the “high $30 million range” for the property.

Crown acquired the 74,000-square-foot building for $19.5 million in 2005, according to Real Capital Analytics. Newmark Knight Frank’s capital markets team, led by Kevin Shannon, is marketing it on Crown’s behalf.

The Class A building at 6725 Sunset Boulevard was built in 1963 and was last renovated in 2002. The L-shaped structure is 100 percent leased, according to marketing materials. Tenants include independent film studio Epic Pictures Group and various technology firms, according to PropertyShark.

The average asking rent in Hollywood was $4.14 per square foot a month in the first quarter of 2017, according to marketing materials. Recent office building sales in the neighborhood include the record $5.1 million sale of movie mogul Daniel Lin’s creative office building at 755 Seward Street, which sold in January for a record $850 per square foot.

Meanwhile, the area surrounding the property is quickly evolving.

Nearby on Sunset, the CIM Group is selling the 286-room James hotel for about $280 million to Barry Sternlicht’s Starwood Capital, The Real Deal reported in April.

The Millennium Hollywood project near the intersection of Hollywood Boulevard and Vine Street is slated to comprise a pair of towers with nearly 500 condo units, as well as retail and office space.


Related Articles

arrow_forward_ios
Onni Group president Rossano De Cotiis and the site (Credit: Google Maps)

Onni Group plans 14-story office complex in Hollywood

Onni Group plans 14-story office complex in Hollywood
JADE Enterprises Director of Development Daniel Taban and the development site (Credit: Google Maps)

Jade Enterprises plans apartment complex in Hollywood

Jade Enterprises plans apartment complex in Hollywood
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Mario J. Palumbo, managing director of Seward Partners and Millennium Partners, and the site (Credit: Google Maps)

MP Los Angeles plans 14-story office development in Hollywood

MP Los Angeles plans 14-story office development in Hollywood
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
A rendering of the Vine Street project (Credit: Hawkins\Brown Architects via Urbanize)

Post Group’s Matt Cooper plans offices on Vine St. in Hollywood

Post Group’s Matt Cooper plans offices on Vine St. in Hollywood
Hollywood's Seward House sells for $23.4M

Bardas Investment pays $23M for Seward House in Hollywood

Bardas Investment pays $23M for Seward House in Hollywood
Historic Parker Building could become a hotel (Credit: Google Maps)

Hotel developer looks to transform Hollywood’s historic Palmer Building

Hotel developer looks to transform Hollywood’s historic Palmer Building
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...