What do Will Ferrell, Kristen Wiig, Kathy Griffin, and Studley's Bart Pucci and Jon Azulay have in common? They've all worked for The Groundlings, the LA-based improv and comedy group. In Bart and Jon's case, they repped the Groundlings Theatre & School in purchasing 7280 Melrose Ave, adding 5,000 SF of classroom and training facilities. Commercial Asset Group's David Aschkenasy repped the seller.
Next month, the comedy org will kick off its 40th anniversary celebration with performances by the main company, stellar alumni, and "special guests." All funds raised will go toward renovating the new building, located across the street from its main theater. The Groundlings actually are a nonprofit. (Our dad always says, there's no money in comedy.) Bart tells us that for such groups, owning vs leasing not only allows it to control a major fixed cost but also adds "cachet, which can help in fundraising."
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