The 22-story Sunset Media Center on Sunset Boulevard in Hollywood has a new owner: a joint venture between Barker Pacific Group and Hankey Investment Co., which paid $61M. Previous owner Kilroy Realty has been steadily selling office properties over the last few quarters.

The roughly 326K SF Hollywood office tower was approximately 51% occupied at the time of sale. Tenants include the Hollywood Chamber of Commerce, OpenTable and the AIDS Healthcare Foundation, according to a release from the buyer.

“The profile of this acquisition perfectly reflects our desire to own well located, high quality office assets with strong in-place yields, at a fraction of replacement cost, with additional cash flow upside through lease-up,” BPG Managing Principal Mark Handin said in a statement.

Last year, Kilroy completed the $365M Bay Area sale of a four-building office property to Apple.

Kilroy CEO Angela Aman told investors on a third-quarter earnings call that valuations were “pretty compelling,” especially relative to other alternatives, which was helping Kilroy as it looked to sell additional assets.

Los Angeles' office leasing activity in 2025 hit a new pandemic-era and post-pandemic high, with more than 14M SF of leasing activity, according to a Savills report. That is an increase of 600K SF over 2024's annual total. In Q4 2025, leasing activity was 3.8M SF, the same as it was in Q4 2024.

Availability in the fourth quarter dropped as well, falling 60 basis points to 27.6%, Savills found. In Hollywood, where the Sunset Media Center is located, availability is slightly higher at 31.3%.