A Beverly Hills investor has paid $13.7 million for a two-story, mixed-use office building in Hollywood.
Bolour Associates bought the 32,500-square-foot building at 6432 Santa Monica Boulevard, at the corner of Cole Avenue, the Los Angeles Business Journal reported. The seller was not disclosed.
The deal came out to $421 per square foot.
The building stands in the heart of the Hollywood Media District, between Paramount and Netflix studios, and not far from production studios Milk and Red Studios.
The typical cost for such office buildings in the Hollywood submarket ranges between $600 and $800 per square foot, according to Savills.
“Bolour secured this property at a very attractive price-per-square-foot basis, allowing us to confidently enter into this building and this neighborhood, which is quickly becoming a go-to location for production-related companies,” said Mark Bolour, CEO of Bolour Associates, in a statement.
The building includes 17,500 square feet of ground-floor shops and restaurants, and 15,000 square feet of office space upstairs. It is 100 percent occupied, taken up by tenants in creative management, casting, casting, production equipment rentals and photography studios.
Brandon Michaels, Matthew Luchs and Andrew Leff of Calabasas-based brokerage Marcus & Millichap represented both the seller and the buyer in the deal.
Bolour works in both development and financing. The company recently launched a new initiative focused on bridge financing in the hospitality sector.
– Dana Bartholomew
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