A creative office building located within the Hollywood Media District is adding to a number of office properties to recently be placed up for sale. The 27,500 square foot property is currently offered for both sale and for lease, according to Lee & Associates, which is marketing the property.
While listed as unpriced, public records show that the property last traded in 2018, when it was acquired by Langdon Street Capital for $14 million. Located at 948 N Cahuenga Blvd., the property was initially constructed in 2002 and has since been renovated in 2020, according to Lee & Associates.
The property is located within a main media and entertainment hub of Hollywood, with neighbors like Netflix, Red Studios, Deluxe Hollywood and others. Also nearby are various retail and dining amenities along Santa Monica Boulevard to the north. The property is also a short drive from Interstate 101.
Overall, West Los Angeles’ office market has seen less sales activity over the last several months, a fourth quarter market report from Lee & Associates shows. Vacancy in the fourth quarter of the year was recorded at 19 percent as opposed to 17.6 percent the year prior. At the same time, average asking rents for office properties in West Los Angeles dropped from $4.44 per square foot to $4.40 per square foot year-over-year.
Still, the area continues to see some major transactions. During the fourth quarter of the year, Hudson Pacific Properties sold a 205,189 square foot office property in Hollywood for $96 million, or about $467 per square foot. The 12-story office building, which is located at 6922 Hollywood Blvd., was purchased by Harbor Associates, according to The Registry’s previous reporting.
