Vanbarton picks up Hollywood office building for $38M

Purchase follows acquisition of a six-story office building in September

Jun.June 19, 2018 04:00 PM
6725 W. Sunset Boulevard in Hollywood

Vanbarton Group is doubling down in Hollywood with an office buy on Sunset Boulevard.

The New York-based firm paid just under $38 million for a five-story office building at 6725 W. Sunset Boulevard from Costa Mesa’s Crown Realty & Development, according to CoStar. The 55-year-old building is nearly 74,000 square feet. The deal includes a three-story parking garage with 224 parking spaces.

The sale pencils out to around $464-per-square-foot. Vanbarton has plans to renovate the building and then raise rents, according to Crown’s representative, Kevin Shannon of NKF Capital Markets. Crown purchased the building in 2005 for $19.5 million. It’s 100 percent occupied and has maintained a 92 percent average occupancy under Crown’s ownership, Shannon told CoStar.

The distinctive red building is less than a mile from the six-story office building on Hollywood Boulevard that Vanbarton purchased from CIM Group in September. Vanbarton paid just under $500-per-square-foot for the property, which counts WeWork and Live Nation as tenants.

Hollywood has seen an influx of tech and creative tenants in recent years, which has helped push up rents. Rents at Class-A spaces rose to $4.81-per-square-foot in the first quarter, up from $4.51 a year ago, according to Savills Studley.

[CoStar] – Dennis Lynch 

Related Articles

The former Omega Cinema Props warehouse on Santa Monica Boulevard and the Hollywood Forever Cemetery (Credit: Google Maps, Hollywood Forever)

Warehouse complex will get new life next to Hollywood Forever Cemetery

Holland Partner Group CEO Clyde Holland and a rendering of the Hollywood project

Holland Partner Group’s Hollywood apartment project faces labor union challenge

1723 N Wilcox Avenue (Credit: Google Maps)

Hollywood hotel construction craze: Developer abandons apartment project for hotel instead

A rendering of the proposed hotel project on Whitley Street (Credit: Daryoush Safai)

Reservations: Hollywood hotel project faces appeal from rent control tenants

AIDS Healthcare Foundation CEO Michael Weinstein and the Amoeba Music store (Credit: Getty Images and Wikipedia)

Amoeba Music owner says landmarking effort by nonprofits is ploy to prevent resi development

5525 W. Sunset Boulevard (Credit: Google Maps and iStock)

Going bigger: Reliable Properties adds 100 units to Hollywood resi project plan

Hollywood & Highland, Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller

CIM Group sells Hollywood & Highland mega-complex for $325M: sources

Hillview Hollywood, Jesse Lasky , Samuel Goldwyn , Adolfo Suaya (Credit: Wikipedia and Getty Images)

Historic Hollywood building in Opportunity Zone becomes latest repositioning target