Vanbarton picks up Hollywood office building for $38M

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

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
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
Mariposa on 3rd
CGI Strategies secures $42M loan on Koreatown apartment complex
CGI Strategies secures $42M loan on Koreatown apartment complex
Bardas Investment Group founder David Simon and the site of the project. (Google Maps, Bardas, Getty)
Bardas Investment plans production studio at former Sears
Bardas Investment plans production studio at former Sears
Relevant Group’s Grant King and Richard Heyman with the Thompson and Tommie hotels (Relevant Group)
Relevant Group lands “rescue” financing for 2 boutique hotel projects
Relevant Group lands “rescue” financing for 2 boutique hotel projects
Gov. Gavin Newsom with Doug Ose and John Cox (Getty, Twitter)
Real estate execs among challengers in Newsom recall
Real estate execs among challengers in Newsom recall
2575 E El Presidio Street and Thor Equities Chairman Joe Sitt
Thor Equities pushes into LA industrial market
Thor Equities pushes into LA industrial market
Photo illustration of Phillip Aarons and a rendering of the project (Patrick McMullan/Getty)
Hollywood megaproject along active fault line faces another test
Hollywood megaproject along active fault line faces another test
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
arrow_forward_ios

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

Loading...