Jeff Appel’s United El Segundo landed its first office tenant for a West Hollywood mixed-used building, The Real Deal has learned.
Siebert Financial and its entertainment subsidiary Gebbia Media leased a 10,000-square-foot penthouse office space and a private terrace that overlooks Sunset Strip at Appel’s 8497 West Sunset Boulevard. Arman Mahmoodi of BeachRock Group brokered the deal.
Siebert Financial, which trades on the NASDAQ, did not disclose financial terms of the lease, only that it was a multimillion-dollar deal. It is a 10-year lease and a relocation from Beverly Hills. The financial services firm had two offices in Beverly Hills, at 9378 Wilshire Boulevard and 190 North Canon Drive.
Siebert is moving toward a hybrid work schedule after years of remote work, the company said in a statement. Gebbia owns the Big Machine Rock label, and “Sunset Boulevard is the home of rock and roll,” the statement said.
The three-story, 30,000 square foot property, called “The Now,” has a two-sided, 3D digital billboard at Sunset and La Cienega boulevards. It was completed two years ago, and the development is fully occupied with the office lease.
Japanese company Round 1 Delicious leased the entire first and second floors of the property, spanning 19,000 square feet. It is planning Sora, a Japanese-style food hall, expected to open later this year. The eight-restaurant dining concept is set to include outlets of Tokyo restaurants Takiya and Sushikoma, according to a marketing memorandum.
West Hollywood offices have a 19 percent vacancy rate, and class-A properties typically command about $5.30 per square foot per month, according to CBRE.
West Hollywood made an appearance on CBRE’s five priciest deals in West Los Angeles during the fourth quarter. It was Omega Law Group’s recent $35.5 million, 8800 West Sunset Boulevard purchase. Match Group was the seller. That deal came out to about $480 per square foot.
Read more
Commercial
Los Angeles
Round 1 signs 19K sf deal for 8 Asian restaurants in WeHo
Commercial
Los Angeles
Match swipes left in $36M sale of West Hollywood office