HOLLYWOOD, CA – A team of Colliers International brokers has negotiated the landmark sale of a 4,320-square-foot creative office compound in Hollywood for $4.1 million and, in the process, establishing a new per-square-foot pricing benchmark of $949, highest PSF price ever recorded in that office submarket.
Colliers Executive Vice President Nathan Pellow and Associate Patrick Moody, both based in the brokerage firm’s downtown Los Angeles office, represented the seller, Weinandroses LLC, a privately held real estate investment firm.
This sale and the multiple bids it attracted underscore several positive factors about the Hollywood office submarket, in particular, but also about the greater L.A. office market, overall,” said Pellow, who only weeks prior to this transaction led a Colliers team in securing a record $57 million lease at the new 73-story Wilshire Grand Center in downtown Los Angeles. “It demonstrates that the rising economic tide does, indeed, lift all boats eventually, and that nearly every office submarket has benefitted from the continuing economic growth we are witnessing.
After receiving more than a dozen bids in the weeks following its initial listing, an unnamed music production company submitted the winning bid to purchase the property, which underwent a complete renovation in 2008. Located at 6507-6509 De Longpre Ave., the compound, which includes private gated parking and a fully wired security/sound system, previously was occupied by Go Film, a commercial and television production company.
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