Vanbarton picks up Hollywood office building for $38M

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

TRD LOS ANGELES /
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

arrow_forward_ios
Onni Group president Rossano De Cotiis and the site (Credit: Google Maps)

Onni Group plans 14-story office complex in Hollywood

Onni Group plans 14-story office complex in Hollywood
JADE Enterprises Director of Development Daniel Taban and the development site (Credit: Google Maps)

Jade Enterprises plans apartment complex in Hollywood

Jade Enterprises plans apartment complex in Hollywood
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Mario J. Palumbo, managing director of Seward Partners and Millennium Partners, and the site (Credit: Google Maps)

MP Los Angeles plans 14-story office development in Hollywood

MP Los Angeles plans 14-story office development in Hollywood
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
A rendering of the Vine Street project (Credit: Hawkins\Brown Architects via Urbanize)

Post Group’s Matt Cooper plans offices on Vine St. in Hollywood

Post Group’s Matt Cooper plans offices on Vine St. in Hollywood
Hollywood's Seward House sells for $23.4M

Bardas Investment pays $23M for Seward House in Hollywood

Bardas Investment pays $23M for Seward House in Hollywood
Historic Parker Building could become a hotel (Credit: Google Maps)

Hotel developer looks to transform Hollywood’s historic Palmer Building

Hotel developer looks to transform Hollywood’s historic Palmer Building
arrow_forward_ios

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

Loading...