Blackstone Sells Creative Office Building in LA
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Los Angeles—A five-story, Class A creative office building in the Universal City submarket of Los Angeles near many of the city’s major studios has been sold by Blackstone to 4M Investment Corp. with the help of NGKF Capital Markets.
The 103,154-square-foot building at 3330 Cahuenga Blvd. West was sold for $36 million, according to the San Fernando Valley Business Journal.
“This is an institutional asset that offers tenants creative spaces as well as a location that is near a concentration of entertainment and tech firms in the neighboring Burbank and Hollywood markets,” Kevin Shannon, president of NGKF Capital Markets, West Coast, said in a prepared statement. “The property offered the buyer the opportunity to add value by implementing a modest renovation plan and bringing rents to market rates as leases expire.”…
