After acquiring a 39,248 square foot creative office building in Hollywood, AMDA College of the Performing Arts is placing it back on the market. According to a property listing from Avison Young, the building is being offered at $29.15 million, or about $743 per square foot in what would be a sale-leaseback transaction.
The building is located at 1777 Vine Street and provides a mix of classroom, studio and performance space for AMDA’s Hollywood campus. Public records show that the nonprofit organization acquired the building in 2013 for $12.63 million, or about $321 per square foot. The property was initially built in 1962 and totals five stories fully dedicated to AMDA.
The building would be offered fully leased to AMDA for the next 15 years, according to Avison Young. Included in the lease term are also three percent rent increases per year.
AMDA was founded in 1964 and currently operates campuses in both Hollywood and New York City. In Hollywood, the company owns 185,768 square feet of property, which includes both academic spaces and student housing.
The property is centrally located in Hollywood across near the Hollywood Walk of Fame and across from the Capitol Records Building. Home to many major media and entertainment companies, the property is also near Netflix, ViacomCBS and Paramount Pictures operations, as well as many others.
Overall, investment activity in the Los Angeles area has been up, according to a third quarter office market report from Avison Young. That report showed that sales activity in the region increased by 42 percent quarter-over-quarter, with a total of $580 million in investment sales. Despite this, vacancies in the office market continue to rise, with the report showing a slight increase in the third quarter to 15.6 percent. Sublease availability also remains at an all-time high of 11 million square feet in the third quarter.