North Hollywood Office Building Trades For $102M
A 205K SF office building in the NoHo Arts District has traded for more than $100M.
On behalf of an institutional client, New York Life Real Estate Investors has acquired the four-story office building at 5161 Lankershim Blvd. in the heart of North Hollywood's growing arts district from Beacon Capital Partners.
The property sold for $102.4M, according to CRE data site Reonomy.
CBRE's Todd Tydlaska, Sean Sullivan, Mike Longo, Val Achtemeier and Greg Grant represented the buyer.
Beacon Capital purchased the building in 2017 for $69M.
“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,” Tydlaska said in a news release.
Built in 1984, the building sits one block from a Metro station. The building was renovated in 2016 and 2018. The creative office campus features fully renovated common areas and tenant spaces; private, open-air balconies; column-free open floor plates; a fitness center; an entertainment lounge; and an outdoor recreation area, according to CBRE.
The building is currently 100% leased to tenants including WeWork, Bento Box Entertainment, Endemoi Shine Group and Aspect Ratio.
