Los Angeles briefs
Los Angeles briefs
CBS begins to market Television City
CBS Corporation has been in discussions with brokerages to shop its complex at 7800 Beverly Boulevard in Los Angeles’ Fairfax District. After interviewing more than five firms for the roughly 25-acre property on Beverly Boulevard and Fairfax Avenue — which has about 1 million square feet of studio and office space, including eight stages — CBS recently narrowed the search down to two, sources said.
The network hasn’t indicated if it intends to vacate the property entirely. The nature of what will be marketed — a full sale, a sale-leaseback or a ground lease — also remains unclear. Though the discussions are in a preliminary stage, interested buyers are said to be circling. At least two major developers looked to talk with CBS when chatter about the broker interviews began to spread, sources said.
The campus, designed by architect Gin Wong at Pereira & Luckman, was built in 1952 on the former site of Gilmore Stadium. CBS acquired the land from the A.F. Gilmore Company for $1.2 million in 1949. Such hit shows as“The Price is Right” and “Dancing with the Stars” were filmed on the campus.
Apple in talks to lease a full building in Culver City
Apple is in talks to lease all of Hackman Capital Partners’ 85,000-square-foot creative office development at 5500 W. Jefferson Boulevard near Culver City. The space, which sits near the La Cienega Expo Line Station, would be used for Apple’s original content production.
The website for the property lists triple net rent at $3.75 per square foot a month, which would value the lease at $3.83 million a year. A new tenant will be able to move into the new space by January 2018. The move would make sense for Apple, which recently announced it would set aside $1 billion for production. If completed, the lease could be Apple’s second with Hackman. There are also rumors that Apple is in talks to move its original content division to Hackman-owned Culver Studios.
The Agency takes over $1B Greenland USA assignment from Douglas Elliman
Luxury brokerage the Agency, headed by Mauricio Umansky and Billy Rose, is taking over sales at Greenland USA’s $1 billion Metropolis, which spans three towers at 889 Francisco Street in Downtown Los Angeles.
The 1,500-condo megadevelopment was first under the reins of New York-based Douglas Elliman. The reason for the brokerage switcheroo is unknown. When asked to comment on the change, Elliman representatives expressed pride in working on the development in early stages.
“It has been a privilege for us to represent Metropolis, where our talented team of new development specialists sold over two-thirds of the residences in tower one,” Susan de França, CEO of Douglas Elliman’s new development division, said. De França recently told The Real Deal that the brokerage planned to more than double the size of its new development division in California.
Sources in the industry predict a shakeup within new development divisions is only beginning. Compass has a new development division, headed by former Agency broker Hana Cha, and Partners Trust launched a new development division last year.