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.