New York Life Insurance Company has paid $102.7 million to acquire a recently renovated WeWork-leased office building in North Hollywood, The Real Deal has learned.
Boston-based Beacon Capital Partners sold the four-story property at 5161 Lankershim Boulevard. The company bought the building for $69 million in late 2017, and recently completed the upgrades.
The Class A office spans 205,286 square feet, pegging the sale at $500 per square foot. The building is located in the heart of booming North Hollywood’s Arts District. Its location has made it an attractive spot for tenants like WeWork, which recently leased 40,000 square feet at the property, and animation studio Bento Box Entertainment. Endemol Shine North America, a TV production company, also leases space at the site.
New York Life bought the property through an LLC named Madison OFC 5161 CA. In 2016, the insurance giant’s real estate arm — New York Life Real Estate Investors — bought a Hollywood multifamily complex on behalf of the Madison Core Property Fund. New York Life would only confirm it had purchased the Lankershim Boulevard property “on behalf of an institutional client.”
A spokesperson for Beacon declined to comment.
North Hollywood has become increasingly popular, drawing more investors to the San Fernando Valley neighborhood. Earlier this month, Strategic Legacy Investment Group and Tokyo-based Sanei Architecture Planning Company filed plans to build an 84-unit apartment complex on Burbank Boulevard. Investor Alan Kleinman is also planning a 119-unit project at the site of what had been Debbie Reynolds’ dance studio on Lankershim Boulevard.