Another office property has hit the market in Los Angeles. A recent property listing from Newmark shows that an 86,606 square foot property at the corner of Hollywood Boulevard and La Brea Avenue has been placed up for sale. The building is located at 7083 Hollywood Blvd. and is marketed by Newmark’s Kevin Shannon, Ken White, Rob Hannan, Michael Moll, Laura Stumm and Michael Kolcum.
The property is offered with an assumable loan of $21.7 million at a rate of 4.14 percent. The loan is set to mature in July of 2026, according to Newmark. While guidance pricing for the property was not disclosed, public property records show that the building is currently owned by an entity that shares an address with New York-based Vanbarton Group. The property last traded in 2017, when it was acquired for $42 million, or about $238 per square foot.
Built in 1982, the building stands six stories and has average floor plates of 14,500 square feet. The property also offers 192 parking spaces,and the building has received renovations in both 2014 and 2022, according to Newmark.
The building is currently 52 percent leased, with tenants including BRAVEMAN Media, BPM Technologies and others. With current tenants, the building has an average weighted lease term of 6.5 years, with just four percent of leases set to expire in 2030.
The property also offers roof-top signage, which is visible to 50,000 vehicles per day as well as the 10 million annual visitors along the Hollywood Walk of Fame, according to Newmark. The property is also surrounded by a number of commercial retail and office properties.
“Nearly half of the Hollywood office market is controlled by major institutional owners including Blackstone, Hudson Pacific, Kilroy, and Shorenstein, with world-renowned content creation tenants including Netflix, Paramount, Viacom, and Trailer Park Group bolstering the prestige and quality of the iconic location,” the listing states.