Newmark completed the sale of 7083 Hollywood Blvd., a Class A value-add office investment property strategically at the intersection of Hollywood and La Brea in Los Angeles. The property sold for $25.5 million.
Kevin Shannon, co-head, U.S. capital markets and vice chairmen Rob Hannan, Ken White, Laura Stumm and Michael Moll represented the seller, Vanbarton Group. The undisclosed buyer acquired the property in an all-cash transaction.
The six-story building, comprising 86,606 square feet, was 52% leased at the time of sale and features 192 parking stalls. “7083 Hollywood is yet another example of an owner-user taking advantage of heavily discounted pricing for office product,” said Shannon. “Owner-users are typically all-cash buyers and can operate quickly, removing any debt hurdles and providing a higher certainty of execution.”
Hannan added, “With this sale, 86,000 square feet were removed from the Hollywood submarket’s inventory. The submarket just became tighter.”
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