Vanbarton buys WeWork-anchored Hollywood building from CIM: sources

Property is also home to LiveNation

Los Angeles /
Sep.September 25, 2017 12:15 PM

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
CIM Group co-founders Shaul Kuba, Avi Shemesh, Richard Ressler and the site for the project. (Google Maps, CIM)
CIM Group plans 168-unit mixed-use complex in West Adams
CIM Group plans 168-unit mixed-use complex in West Adams
Rendering of the new Pasadena office and existing building inset. (JLL, 101 South Marengo)
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
9033 Wilshire Boulevard (Google Maps)
LaSalle sews up Beverly Hills medical office for $75M
LaSalle sews up Beverly Hills medical office for $75M
925 N. La Brea Avenue with CIM Group’s Shaul Kuba and WeWork’s Sandeep Mathrani (Google Maps, Getty/Illustration by Alexis Manrodt for The Real Deal)
WeWork exits CIM Group’s Hollywood complex
WeWork exits CIM Group’s Hollywood complex
CIM Group's Shaul Kuba and an aerial view of the project site (Getty, Google Maps)
CIM Group plans another Hollywood apartment complex
CIM Group plans another Hollywood apartment complex
PPIH President & CEO Naoki Yoshida and TPG Capital Partner Paul Hackwell (Linkedin, Getty)
TPG Capital selling SoCal-based Gelson’s Markets
TPG Capital selling SoCal-based Gelson’s Markets
MDT Properties Marc Tavakoli and 627-631 N. Dillon Street (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
Shovel-ready site in Silver Lake trades for $3.5M
Shovel-ready site in Silver Lake trades for $3.5M
(iStock)
LA County sued over commercial eviction moratorium
LA County sued over commercial eviction moratorium
arrow_forward_ios

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

Loading...