June 13, 2019
New York Life Real Estate Investors, on behalf of an institutional client, acquired a 205,285 square-foot office property in North Hollywood, CA from Beacon Capital Partners for reportedly $102.7 million. Beacon had acquired it in 2017 for $69 million.
The four-story creative office building at 5161 Lankershim Blvd. is situated within the Los Angeles Media District near a metro station. It was 100% leased to a combination of media and entertainment industry tenants. The building, which was significantly renovated between 2016 and 2018, features fully-updated common areas and tenant spaces, private, open-air balconies, column-free open floor plates, a fitness center, entertainment lounge and outdoor recreation area.
CBRE’s Todd Tydlaska, Sean Sullivan, Mike Longo, Val Achtemeier and Greg Grant represented the buyer, as well as the seller.
Tydlaska says, “The property’s North Hollywood location was highly attractive to core capital from around the world, and reflects investors’ preference for stabilized, urban assets with live, work and play characteristics.”
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