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Related Companies picks up Hollywood office for $72M
Souferian Group bought property in 2015, renovated it and made a 60% profit
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