(EDITOR’S NOTE: According to documents submitted to the U.S. Securities Exchange Commission, CMCT sold an 80 percent interest in the office building to its co-investors for $34.4 million, retaining a 20 percent interest in the property through a newly formed joint venture.)
DALLAS – CMCT (NASDAQ: CMCT and TASE: CMCT) announced today that it has partnered with Kanden Realty, Taisei Corporation and a third international institutional investor to convert 4750 Wilshire Boulevard, a three-story office building in the prominent Hancock Park neighborhood of Los Angeles, into a mix of office space and luxury apartments.Â
The upper two floors of the building will be converted into 68 luxury apartments, while approximately 30,000 square feet of 100% leased ground floor office will remain in place.
The renovation began in the first quarter of 2023. The makeover will bring much needed housing to an attractive community, near shopping and business centers, and just one mile from Los Angeles’ Metro D Line subway, currently under construction.
The building is designed to meet the needs of today’s professionals working in a hybrid environment. The building will feature oversized units with room for home office, a co-working area, a lounge, a high-end pool and courtyard, a fitness and yoga room, and ample underground parking with dedicated access for residents.
Conversion of 4750 Wilshire into luxury apartments aligns with CMCT’s strategy to focus the portfolio on highly amenitized premier multifamily and creative office assets in dynamic, high barrier to entry markets.
Kanden Realty, Taisei Corporation and a third institutional investor recently joined CMCT as co-investors in 4750 Wilshire. The investment by these significant institutional investors marks an expansion of CMCT’s asset-light approach, making property-level equity investments alongside co-investors.
ABOUT CMCT
Creative Media & Community Trust Corporation (“CMCT”) is a real estate investment trust that owns, operates and develops premier multifamily and creative office assets in vibrant communities throughout the United States. CMCT is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and entertainment. CMCT applies the expertise of CIM to the acquisition, development, and operation of top-tier multifamily properties situated in dynamic markets with similar business and employment characteristics to its creative office investments. CMCT also owns one hotel in Northern California and a lending platform that originates loans under the Small Business Administration (“SBA”)’s 7(a) loan program. CMCT is operated by affiliates of CIM Group, L.P., a vertically-integrated owner and operator of real assets with multi-disciplinary expertise and in-house research, acquisition, credit analysis, development, finance, leasing, and onsite property management capabilities.
