Related Companies picks up Hollywood office for $72M

Souferian Group bought property in 2015, renovated it and made a 60% profit

Los Angeles /
Dec.December 26, 2018 12:00 PM
Related California CEO William Witte, Souferian Group founder Behzad Souferian and 1800 N. Highland Avenue in Hollywood

Related Companies is the new owner of 1800 N. Highland Avenue in Hollywood.

Related paid the Souferian Group $72.1 million for the 92,000-square-foot office building, according to the Los Angeles Business Journal.

Souferian Group purchased the building from CIM Group in 2015 for $45 million, and then undertook an extensive renovation. The Beverly Hills-based company branded the building under its new “Be” brand and listed it in February.

The building is 90 percent leased, more than half of it to entertainment giant Live Nation. Entertainment company Revolt, massage company Soothe, and mobile phone-maker Nokia USA lease space there as well.

Hollywood is one of Los Angeles’ hottest office markets, particularly for entertainment companies. Office rents there are more expensive than any other part of L.A. — asking rates were averaging $57.54 per square foot in the third quarter.

Between October and November, streaming platform Netflix leased nearly 400,000 square feet of office space in Hollywood between Kilroy Realty’s Academy on Vine project and Sunset Bronson Studios, owned by Hudson Pacific Properties.

Showtime signed a 45,000-square-foot lease at the newly built Formosa West, owned by CIM Group, one of the more active developers in Hollywood. The firm is readying to build a multimedia and office building on Sycamore Avenue. [Los Angeles Business Journal] – Dennis Lynch 


Related Articles

arrow_forward_ios
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Victor Coleman and a rendering of the project (Credit: Gensler via Urbanize)

Hudson Pacific wins key approval for 500K sf Hollywood studio expansion

Hudson Pacific wins key approval for 500K sf Hollywood studio expansion
A rendering of the project (Credit: Yorkwood, LLC)

Developer plans 137-unit complex in Hollywood

Developer plans 137-unit complex in Hollywood
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller with a rendering of the project

An analysis of rent rolls at Hollywood & Highland

An analysis of rent rolls at Hollywood & Highland
arrow_forward_ios

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

Loading...