Vanbarton buys WeWork-anchored Hollywood building from CIM: sources

Property is also home to LiveNation

TRD LOS ANGELES /
Sep.September 25, 2017 12:15 PM
7083 Hollywood Boulevard, From left: Richard Coles, Gary Tischler (Credit: CIM Group)

Vanbarton Group acquired a WeWork-anchored building on the Hollywood Walk of Fame in an off-market deal with CIM Group that closed Friday, The Real Deal has learned.

The New York-based investor bought the six-story building at 7083 Hollywood Boulevard for $42 million, according to sources with knowledge of the deal. That equates to just under $500 per square foot for the 85,000-square-foot property, which was WeWork’s first Los Angeles location.

JLL’s Tom Bohlinger and Carl Muhlstein brokered the deal, sources said. The brokers couldn’t be reached for comment, nor could Vanbarton and CIM.

The property, once known as the Stephen J. Cannell Building, is over 95 percent occupied, with WeWork and Live Nation as major tenants.

CIM acquired the property in May 2005 for $20 million and proceeded to overhaul the building.

Hollywood has seen a flurry of investment activity in recent years, as tenants like Netflix spread out in the submarket and swanky office campuses and luxury residences rise.


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

Delal Ali

Harbor taps CIM vet Delal Ali to head West Coast

LA promo

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

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...