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Souferian Group seeks buyer for Hollywood office property
The renovated building is mainly leased to Live-Nation
The Souferian Group is seeking a buyer for a 92,000-square-foot office property at 1800 N. Highland in Hollywood, the company founder, Behzad Souferian, confirmed.
Souferian acquired the building in 2015 for $45 million or $530 per square foot, Real Capital Analytics show. The seller was CIM Group.
The seven-story building, called “Be by Souferian Group,” was recently renovated, and it is expected to fetch significantly more this time around, sources said. Souferian declined to provide an estimate, and said the property is being listed without a price.
The Souferian Group launched an entire brand, called “Be,” for hybrid commercial properties that bring in residential and hospitality elements.
It is located steps away from the Hollywood Bowl. It has a concierge, communal work spaces, bikes and membership services. Parking for 208 vehicles, as well as valet services for tenants, is also included.
The building is 86 percent leased to Live Nation, music cable network Revolt, on-demand massage company Soothe and Nokia USA. Entertainment giant Live Nation takes up the most space with a 47,800-square-foot lease, expiring in 2023.
Andrew Harper and Ryan Gallagher of HFF have the listing.
Hollywood, home to entertainment companies like Netflix and Showtime, is seeing an uptick in investment as developers turn to the revitalizing neighborhood. Last year, a TRD ranking of the 20 largest projects in the pipeline determined over 10 million square feet of space will be added to the Hollywood market in the coming years, including about 6,500 residential units. Among those are CIM Group’s 75,000-square-foot campus at Sycamore Avenue, and Harridge Development Group’s massive 1.4 million-square-foot project at Crossroads Hollywood.