Categorized | Commercial

Office Tower in Hollywood Sells for Over $90 Million

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In what is one of the biggest commercial real estate transactions to take place in Hollywood in recent years, the TV Guide Hollywood Center is being sold for nearly ninety two million dollars. The building is approximately 190,000 square-feet, and is being sold to Hudson Pacific Properties.

Hudson Pacific Properties currently owns Sunset Bronson Studios and Sunset Gower Studios. They will assume the mortgage of the previous owner, CIM Group. The TV Guide Hollywood Center is a class A building, and is located near Grauman’s Chinese Theatre and the Hollywood Roosevelt Hotel. As indicated by its name, the building was once the home to TV Guide.

It is by far the biggest commercial real estate sale since the real estate crash, checking it at one hundred dollars more per square foot than any other building sold during the time period. The largest tenant in the building at this time is Trailer Park, a company that will soon occupy over seventy thousand square-feet by the end of the month.

The TV Guide Hollywood Center isn’t the only building in Hollywood that is being sold. The Sunset Media Tower is scheduled to sell for over seventy five million dollars to Kilroy Realty Corp. The tenants in that building include Nielsen Media Research, Magical Elves Productions, and Associated Production Music.

The sale of these two buildings is a good sign for the commercial real estate market in Hollywood, as it shows that investors are starting to once again have a strong interest in the office space in the area.

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About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

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