OWEVER dazzling an image

Hollywood has projected to the

outside world, locals know the
truth: For a long time, it was
more grit than glam.
Until the turn of the century, the 3.5-square-mile
neighborhood was a haven not only for flocks of
tourists but also for crime, grime and more homeless
youth than any other place in Los Angeles.
When I came here 21 years ago, things were in a
sad state of affairs, said Leron Gubler, chief executive
of the Hollywood Chamber of Commerce. People
were embarrassed to say they lived here.
That situation has since changed in a big way. Today,
Tinsel Town is starting to live up to its reputation.
Developers have together committed nearly $4 bil-
lion to the construction of major projects in Hollywood.
More than 25 ground-up construction projects includ-
ing as many as 12 towers rising more than a dozen sto-
ries each are in various stages of planning or con-
struction in the area. In addition, at least 10 existing
buildings have been slated for extensive renovation,
conversion or expansion.
New construction alone promises to add:
More than 2.2 million square feet of office space,
or the equivalent of 1.5 U.S. Bank Tower buildings.
About 650,000 square feet of retail, or as much as
the Grove and the adjoining Farmers Market.
Up to 4,550 apartment units, about 300 more than
the 45-building Park La Brea complex on Third Street.
Up to 1,050 hotel rooms, as many as L.A. Lives
sleek JW Marriott Los Angeles and Ritz-Carlton Los
Angeles hotels combined.
Thats not the end. Beyond the new construction,
redevelopment or conversion of existing buildings will
renew an additional 540,000 square feet of office space,
420,000 square feet of retail, 437 apartment units and
550 hotel rooms.
The most recent project to reach completion, and
one that set a high bar for the area is the new campus
of Bostons Emerson College. The $110 million build-
ing, designed by architect Thom Mayne of Morphosis,
Los Angeles Business Journal April 21, 2014 Special Report Real Estate Quarterly
H
Please see page 22
DIGGING IN: Site of Camden Property Trusts
$140 million luxury apartment project.
STAGING
COMEBACK
Residential, retail developers
look to get in on act as
Hollywoods star rises.
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Also
in this
section:
Hotel developers
add projects large
and small
PAGE 30
L.A. County
office and
industrial markets
PAGE 31
Leasing
and sales by
submarket
PAGES 32-40
By BETHANY FIRNHABER Staff Reporter
21_28_req_main.qxp 4/17/2014 2:50 PM Page 21
22 LOS ANGELES BUSINESS JOURNAL APRIL 21, 2014
was called by Los Angeles Times architecture
critic Christopher Hawthorne one of the
first really ambitious pieces of architecture to
be finished in Los Angeles since the reces-
sion. It opened earlier this year.
Developers cataloged at least a half-dozen
factors that drew them to Hollywood: Its cen-
tral location, walkability, proximity to transit
hubs, the nearness of all the major entertain-
ment studios, a diverse employment pool and
great amenities.
Those conditions, coupled with a reviving
economy and the release of pent-up demand,
have fed the growth.
A lot of it goes back to the fact that
weve seen so little commercial real estate
development since the onset of the recession,
said Kimberly Ritter-Martinez, an econo-
mist with the Los Angeles Economic
Development Corp. Weve seen a renais-
sance in development, particularly residential
development, not just in Hollywood but in
downtown Los Angeles and other core urban
centers. People want to come back and live in
high-density urban environments that are
close to their jobs.
The activity is not happening in a vacuum.
Since the formation of several area business
improvement districts in the 90s and the
completion of the Metro Red Line in 2000,
the sad Hollywood that Gubler remembered
has largely become a thing of the past.
For much of the last decade, community
advocates and L.A. city officials worked
together to draft a community plan that would
direct the neighborhoods future as a thriving
urban hub. The plan, approved in 2012, called
for greater density around transit nodes while
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L O S A N G E L E S
5 miles
Map Area
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HOLLYWOOD
SELMA AVE
HOLLYWOOD BLVD.
CARLOS AVE.
FRANKLI N AVE.
YUCCA
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FERNWOOD
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1/4 mile
Hollywood Development
- Metro stop
1. Millennium Hollywood West
2. Millennium Hollywood East
3. Yucca Development
4. Argyle Hotel
5. Champion Apartments
6. BLVD 6200 - Phase 1 (Eastown)
7. BLVD 6200 - Phase 2
8. Taft Building
9. 1601 Vine
10. Camden Apartments
11. Sunset Media Center
12. Ametron Tower
13. Hollywood Palladium Residences
14. Columbia Square
15. Essex Hollywood
16. Emerson College
17. Icon office building
M
M
Continued from page 21
Please see page 24
21_28_req_main.qxp 4/17/2014 2:50 PM Page 22
HIGH BAR:
New campus
of Bostons
Emerson
College on
Sunset
Boulevard.
limiting development in residential areas.
But even as city leaders pushed for a big-
ger, brighter Hollywood and developers
expressed enthusiasm for the market with
their wallets, aggressive community activists
pushed back.
Late last year, a judge in a case against a
Hollywood developer ruled that the recently
approved community plan was fundamental-
ly flawed because it was based on inflated
population numbers not substantiated by gov-
ernment data. As a result, granting of building
permits for construction in Hollywood came
to a temporary halt early this year.
Still, developers are intent on building a new
Hollywood. Gubler said theyre not letting
delays deter them; instead, many are modifying
proposals to follow through with their vision.
Theres more (development) happening
now than at any other previous point, even
before the recession, he said. Things are
coming together the way we had always
hoped. You could say the stars are in align-
ment for Hollywood.
Towering achievements
Many of the biggest ground-up projects
being developed are within a two-block radius
of the Metro station at Hollywood Boulevard
and Vine Street, including at least seven high-
rise towers.
Joe Mariani, director of business develop-
ment and strategic initiatives for both the
Hollywood Entertainment District Business
Improvement District and the Sunset and
Vine Business Improvement District said the
number of apartment units in those concentrat-
ed commercial areas has more than doubled
since 2000 and is expected to double again in
the next couple of years. Before 2000, there
were only 1,700 residential units. By this year,
that number had grown to more than 4,000
units, and another 4,000 units are on their way.
Contributing to the dense subwaycentric
development are four high-rise towers one
of them already under construction have
been proposed for an area a block south of
the Hollywood and Vine station.
Earlier this year, West L.A. real estate
investment trust Kilroy Realty Corp. broke
ground on Columbia Square, carrying on the
name of the historic former offices of CBS
Studios once housed on the site. Expected to
be completed in the first half of 2016, the 4.7-
acre campus will include 445,000 square feet
of office space and a 20-story residential
tower with 200 units.
David Simon, Kilroys executive vice presi-
dent, said the company was able to move quick-
ly on the project despite its historic element
and massive scale because the site already had
an approved development agreement.
When we bought the property, it had a 15-
year development agreement in place for 875,000
square feet, and we lowered that, he said.
Immediately west of the Columbia Square
site is another project that proposes building
around a landmark structure. Miami luxury-
living developer Crescent Heights wants to
build two 29-story residential towers immedi-
ately north and west of the art deco
Hollywood Palladium. The developer, who
has promised to seek historic designation for
the concert venue, has had meetings with
community groups and is awaiting Planning
Department approval to bring either 731
apartments to the market or a mix of apart-
ments and hotel rooms.
On the same city block is yet another
potential tower development. Fred Rosenthal,
owner of production equipment supplier
Ametron Electronics, has proposed building a
20-story tower with 170,000 square feet of
24 LOS ANGELES BUSINESS JOURNAL APRIL 21, 2014
ECONOMIC DEVELOPMENT AGENCY
Southern California Southern California Southern California
OF
SAN BERNARDINO
THE COUNTY
SPECIAL REPORT REAL ESTATE QUARTERLY
Please see page 26
Continued from page 22
Things are
coming together
the way we had
always hoped.
You could say
the stars are
in alignment
for Hollywood.
LERON GUBLER,
Hollywood Chamber
of Commerce
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office space and 50,000 square feet of retail.
And across the street, Palo Alto real estate
investment trust Essex Property Trust Inc.
submitted plans to the city in March to build
200 apartments at 6230 W. Sunset Blvd., site
of the 1930s-era Earl Carroll Theater, which
is has said it would incorporate and preserve.
Stoking housing stock
The single largest contributor to the rise in
housing stock in Hollywood is a massive retail
and residential project by Century City firm
Clarett West Development. Phase one of the
two-phase project at 6201 Hollywood, former-
ly called BLVD 6200 but now called Eastown,
is on track to open this summer with 535 apart-
ments and 75,000 square feet of ground-floor
retail. Phase two of the $400 million project is
expected to begin shortly thereafter, bringing
another 535 units to market. Clarett has also
finished renovating the 12-story Taft office
building at 1680 N. Vine St.
Developer Camden Property Trust of
Houston, which recently broke ground on a
project a block south of the Hollywood and
Vine Metro station, will bring another 287 lux-
ury units to the market with its $140 million
apartment building. And just down the street,
not far from the Metro station at Hollywood
and Highland Avenue, Champion Real Estate
Co. of Brentwood has nearly 500 more units
across three different projects in development.
In addition to those projects already in the
ground, there are others champing at the bit,
only to have been held up by litigation over
concerns about a potential seismic fault
beneath the neighborhood.
Millennium Hollywood, the tallest project
proposed for the area and the most contro-
versial might one day rise less than a block
north of the Hollywood and Vine station. New
York developers Argent Ventures and
Millennium Partners plan to build towers of
35 and 39 stories flanking the iconic Capitol
Records building at the intersection of Vine
and Yucca streets. Community groups and the
nearby W Hollywood Hotel & Residences
have sued to halt the $664 million project over
concerns that the site might sit on unknown
fault lines as well as over complaints that the
development will generate too much traffic and
obscure views. The developers are still work-
ing through the litigation, but in the meantime
are beginning early marketing efforts to lease
215,000 square feet of office space and 85,000
square feet of retail space that the towers are
expected to bring to market.
Philip Aarons, a co-founder and principal at
Millennium, said in an email that the developers
are firmly committed to building the project.
Although the current litigation has slowed
us down, we are confident that we will prevail
in court and be able to begin construction
soon, he said.
Neighboring the site of the Millennium
towers projects is a smaller parcel where SSV
Properties, also known as Second Street
Ventures, long ago proposed building a 16-
story residential tower.
David Jordan, the Burbank real estate
companys president, might be the most deter-
mined developer in Hollywood. His project
has been in the works for nearly a decade,
longer than any other project on the docket.
After getting entitlements for the $50 million
project years ago, he was held up by the
recession and, later, a lawsuit. Now, hes wait-
ing out an appeal filed by a community group
that called out his project for allegedly skirt-
ing seismic requirements. To assuage their
concerns, he voluntarily dug a trench in
search of earthquake fault lines and expects to
publish the results in coming weeks.
We feel confident that the trenching will
show we do not have a fault under or around
our property, he said.
He hopes to break ground in the next cou-
ple of years.
Office opportunity
Demand for housing in the area and resi-
dential developers eagerness to fill the need
has helped fuel interest in adding to the
roughly 2.3 million-square-foot office market.
Office development, said Nicole Mihalka,
a senior vice president for Jones Lang
LaSalle Inc., is the next reasonable step.
Mihalka, who has worked in the Hollywood
market for more than a decade, represents
several landlords with new or refurbished
office stock in the area, including Kilroy and
Lincoln Property Co. of Dallas.
Lately, tenants with requirements from
20,0000 square feet to 100,000 square feet are
looking at Hollywood, she said. We didnt
have the supply for that large a tenant for
quite a long time, but now theres so much
26 LOS ANGELES BUSINESS JOURNAL APRIL 21, 2014
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SPECIAL REPORT REAL ESTATE QUARTERLY
Continued from page 24
Please see page 28
CHANNELING
HISTORY:
David Simon
at Kilroys
Columbia
Square project
at the site
of former
CBS Studios
offices.
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NEXT ACT:
Rendering, left,
of Hudson
Pacifics office
and retail
tower. Victor
Coleman at
Sunset Gower
Studios.
28 LOS ANGELES BUSINESS JOURNAL APRIL 21, 2014
development coming we finally have space.
In addition to its Columbia Square project,
Kilroy also owns a 4.7-acre development site,
purchased from the Academy of Motion
Pictures Arts and Sciences earlier this year,
and the 22-story Sunset Media Center office
tower at 6255 W. Sunset Blvd. The company
bought the latter building in 2012 for about
$76 million and is now putting the finishing
touches on its $15 million renovation.
Lincoln Property also recently renovated an
office property that once served as headquar-
ters for Eastman Kodak Co.s West Coast
headquarters; Australian audio engineering
school SAE Institute was the first to sign a
lease there, for about 41,000 square feet.
Miracle Mile developer J.H. Snyder is
bringing brand-new office stock to
Hollywood with two projects one at 1601
N. Vine and another at 959 Seward St.
Together, the two projects will bring 359,000
square feet of office space to the market. The
former is expected to break ground this
month; the latter broke ground last month.
Indeed, despite the redevelopment of the
former Kodak and AMPAS spaces,
Hollywood remains a hub for development
catering to the entertainment industry.
The entertainment industry in Los
Angeles is doing well, said the LAEDCs
Ritter-Martinez. Motion picture and sound
recording industries are adding jobs, and on-
location film permits are trending up. Were
still not where we were before the recession,
but were seeing more activity in filming.
Responding to that, all of the developers
building or renovating office space in
Hollywood claim to be courting similar ten-
ants: creative media, entertainment, technolo-
gy and ad companies, including pre- and
postproduction firms.
Kilroy, for example, which also does a lot
of development work in the Bay Area, is
aggressively courting Silicon Valley compa-
nies that might be interested in opening
offices in Los Angeles to merge technology
and content production.
Theres plenty of commodity office space
all over the place in Los Angeles, but if youre
a creative company that needs an environment
that will keep your workforce engaged and
inspired, thats what our company does up and
down the coast, Simon of Kilroy said.
Hudson Pacific Properties Inc., which
between its Sunset Gower Studios and Sunset
Bronson Studios owns and operates about 30
acres of studio space, is similarly counting on
the convergence of entertainment and technol-
ogy, seeking companies that need production
space and value having a Hollywood address.
Victor Coleman, Hudson Pacifics chief
executive, said the company is planning to
expand its office and production capacity on
studio land it owns along Sunset. The West
L.A. REIT has entitlements for a 14-story
office tower at Sunset Bronson Studios
totaling 315,000 square feet as well as a
90,000-square-foot production facility.
Furthermore, for Lot A, a site just west of
Sunset Bronson, Hudson Pacific is seeking
entitlements to build Icon, a 17-story tower
with 274,000 square feet of office and about
26,000 square feet of retail; it expects to
break ground later this year.
When we bought 30 acres of studio land
in Hollywood, we had a long-term vision,
he said. The media and entertainment bub-
ble was always sort of around in that area,
but it hadnt grown yet. Now, its all come
back and its thriving because of demand by
technology companies.
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Continued from page 26
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30 LOS ANGELES BUSINESS JOURNAL APRIL 21, 2014
By BETHANY FIRNHABER Staff Reporter
D
ESPITE its reputation as a major
tourist attraction, Hollywood hasnt
always had the hotel rooms to
accommodate its many millions of visitors
each year. But as development booms in the
area, thats poised to change.
Along with millions of square feet of
office, retail and residential space in develop-
ment in Hollywood, at least nine hotels are in
the planning stage or under construction.
Together, they promise to bring more than
1,200 new guest rooms to the area, an
increase of more than 31 percent to the mar-
kets existing 3,825 rooms.
Ernest Wooden Jr., president and chief
executive of the Los Angeles Tourism &
Convention Board, said Hollywood and Los
Angeles in general can certainly use the
additional inventory. At 81 percent occupancy
last year, Hollywood hotels exceeded the coun-
tywide average by nearly 5 percentage points.
We need hotels in Hollywood, as we do
across the L.A. region, he said. Well need
about 3,000 more hotel rooms countywide to
be able to accommodate the demand that will
come with our goal of 50 million annual visi-
tors to Los Angeles County by 2020.
Three of the nine new inns in Hollywood
will have about 200 rooms, including the
hotel component of the towering Millennium
Hollywood project.
The Argyle Hotel, with 210 rooms, will be
the largest by room count. San Francisco hos-
pitality company Kimpton Hotels &
Restaurants is expected to begin construc-
tion in the next couple of months to convert
an old office building at 1800 N. Argyle Ave.
into one of its signature boutique hotels.
The other 200-room hotel has yet to be
flagged and is in early planning stages for 6561
Hollywood Blvd. The project is by prolific
Hollywood development company CIM Group.
Like the Argyle, a number of the other hotels
in development will be conversions or renova-
tions of older buildings. Among those are the
Hollywood & Cahuenga Hotel, a 78-room bou-
tique inn planned by SPBB for a converted
bank building at 6381 Hollywood, and Mama
Shelter, a boutique hotel brand out of Paris that
plans to redevelop the 1920s-era Hollywood
Wilcox Hotel at 1557 Wilcox Ave. to open its
first U.S. hotel. It is to have 68 rooms.
Brandon Feighner, vice president of hos-
pitality firm PKF Consulting USA in down-
town Los Angeles, is working with Hollywood
hospitality development firm Five Chairs and
its partner Hollywood International Regional
Center to develop a 182-room hotel at 6417
Selma Ave. called the Dream Hollywood Hotel
and another smaller one just around the corner
on Wilcox. He said hotel development in
Hollywood is coming in response to an
increase in corporate and group travel to the
area, in addition to the usual tourists.
Its an area that historically hasnt had a lot
of really good hotel rooms, compared to West
Hollywood or other communities on the
Westside that have more established hotel mar-
kets, he said. Now its not just a place where
people stay because the rates are lower. Its built
up its own mass and desirability has increased.
More Buildings.
Better Choices.
Our landlord really helped us.
It was Equity Ofce.
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Hotel Developers Check
Into Blossoming Scene
SPECIAL REPORT REAL ESTATE QUARTERLY
FINDING
ROOM:
Future
location of
Kimptons
Argyle
Hotel.
Well need about
3,000 more hotel
rooms countywide
to be able to
accommodate the
demand that will
come with our
goal of 50 million
annual visitors
to Los Angeles
County by 2020.
ERNEST WOODEN JR.,
Los Angeles Tourism &
Convention Board
30_req_sidebar.qxp 4/17/2014 2:52 PM Page 30
APRIL 21, 2014 LOS ANGELES BUSINESS JOURNAL 33
REC Division Chair
Rodney Freeman
REC Dinner Vice Chairs
Bryan Berkett
Reuben Berman
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Alliance Bernstein
AMP Technologies
Andersen Environmental
Bolour Associates
Benedict Canyon Equities
BT Real Estate Group/
The Berkett & Dragoon Families
Berkadia
Brickstar Capital
Cal-X Properties/George Meshkanian
The Carlyle Group/
AEW Capital Management
CORPORATE CIRCLE (Contd)
CBIZ MHM, LLC
CBRE
Cerberus Capital Management LP/
Cerberus Real Estate
Capital Management LLC
Bob Champion, Curtis Palmer,
Nick Sandler
CNA Enterprises/Arnon Adar, President
Cohen Asset Management, Inc./
Stern Investment Company
Concord Real Estate Services/
The Robin Group
Deutsche Bank Securities Inc.
Discovery Land Company/
Joey Arenson, Aaron Leff and
Mike Meldman
Eagle Group Finance/Eagle Group/
Michelle and Brian Good
The Edward and Thomas Company
The Feder Family
Feffer Geological Consulting &
Silver Law Offices Inc.
First American Title Company
First Property Realty Corporation/
Jeffrey E. Resnick and
Micheal S. Geller
George Elkins
George Smith Partners
Hancock Real Estate Strategies/
Matthew E. Friedman
Hanover Financial, LLC/
Geneva Street Partners Company, LLC/
Michael Lowinger & Mark Macedo
Katten Muchin Rosenman LLP
Kelley Drye & Warren LLP
Lincoln Property Company/
Centennial Real Estate Company
Lone Oak Fund
Major Properties/Bradley A. Luster
Narvid Scott LLP/
Michael B. Scott and Michael J. Narvid/
Entin PropertiesRick Entin
National Land Tenure/Sean Miller
Oak Pass Capital &
Coretrust Capital Partners LLC
Pacific Urban Residential &
SummerHill Housing Group
Pircher, Nichols & Meeks
Ed Ratinoff + Gavin Sack at
James Investment Partners,
Marisa Ratinoff at
Epstein, Becker + Green
Realty Mogul
Reliable Properties/
The Nourafshan Family
Ruby Family Foundation
Seyfarth Shaw LLP/Steven A. Fein
Sklar Kirsh LLP
Warren DeHaan/
Starwood Property Trust
Steve and Sherry Spector
Sutton, Pakfar & Courtney LLP
Torrey Pines Bank
TruAmerica
Walker & Dunlop
Winstar Properties
REC Dinner Chairs
Ken Kahan
Jonathan Klein
Jon Monkarsh
Brian Shirken
Mark Weinstein
THE J EWI SH FEDERATI ON S
REAL ESTATE & CONSTRUCTION (REC) DIVISION
2014 DINNER
HONORI NG
JESSE SHARF
Connecting for Good
Tuesday, May 13, 2014
Hyatt Regency Century Plaza Hotel 2025 Avenue of the Stars, Century City
5:30 P.M. Networking and Cocktails 7:00 P.M. Dinner and Program
9:00 P.M. Dessert and Networking
and REC After-Party (For Supporter Circle Sponsors and Above)
Couvert: $500 2014 REC Cabinet Members: $300 Guests Under 35: $175
Dietary Laws Observed Business Attire
Contact Alexandra Kadoche, REC Division Director,
at (323) 761-8164 or RECDinner@JewishLA.org for more information.
Guests will have the opportunity to make their gift to
The Jewish Federations 2014 Annual Campaign.
JewishLA.org
SPECIAL REPORT REAL ESTATE QUARTERLY
T
HE numbers say Hollywood had a slow
first quarter, but it would be hard to tell
from a landlords or developers perspective.
The market gave back 14,125 square feet,
pushing its vacancy rate up to six-tenths of a
point to 15. 1 percent in the quarter ended
March 31 compared with the previous period,
according to data from Jones Lang LaSalle
Inc. But brokers said that the negative absorp-
tion is slight, with only a few small givebacks
responsible for the number and the market
hasnt slowed down.
Weve been busier than ever, said Nicole
Mihalka, a senior vice president at JLL who bro-
kers deals in Hollywood. We are getting interest
from entertainment companies and bigger pro-
duction companies that are looking to consolidate
and also tech- and media-type companies.
Indeed, by all other metrics, the market
appears to be moving up quickly. Landlords
hiked up Class A asking rental rates by 14
cents to $3.71 in the first quarter the steep-
est price hike in Los Angeles County.
John Tronson, principal at Avison Young
Inc., said hes seeing the highest rates ever in
Hollywood and its not deterring interest at all.
For several years I would call the market
good but not great. Now I would have to
upgrade the office market to very good, he
said. All we need is one big lease deal of
100,000 to 200,000 square feet at one of the
development sites and we could go from very
good to excellent very quickly.
Among the largest deals done in the mar-
ket last quarter was a lease deal by SAE
Institute. The Australian audio engineering
school signed up for 41,000 square feet at
6700 Santa Monica Blvd. and 1017 N. Las
Palmas Ave., nearly doubling its requirement
when the institute decided to move into the
former Eastman Kodak Co. campus, under
renovation by new co-owners Lincoln
Property Co. and CEM Realty Capital Inc.
Perhaps most tellingly, developers are
under way on 284,574 square feet of new
office space in the neighborhood, an indica-
tion they are anticipating massive growth in
the area as well.
West L.A. real estate investment trust
Kilroy Realty Corp. purchased a four-acre
development site at Sunset Boulevard and
Vine Street from the Academy of Motion
Pictures Arts and Sciences for $46 million
in January and plans to spend $285 million to
build a 475,000-square-foot campus with
offices, apartments and shops.
Kilroy is already under way on a nearby
875,000-square-foot Columbia Square mixed-
use project.
Miracle Mile developer J.H. Snyder Co.
broke ground on a two-building creative
office project totaling 245,000 square feet at
959 Seward St. in March.
Other developers are under way on a num-
ber of massive mixed-use and residential proj-
ects that will help Hollywood continue its
renaissance into a place millennials want to,
as they say, live, work and play. Thats one
of the most attractive components to compa-
nies looking to sign deals in Hollywood.
Brokers said that boded well for the bal-
ance of the year.
Its hard to predict but if everything con-
tinues as it is and it will be better than ever,
Mihalka said.
Jacquelyn Ryan
Market Gives Back Space But
Landlords Still Hike Up Rents
Triple Play: 6725 Sunset Blvd.
SUNSET BLVD.
BEVERLY BLVD.
H
I
G
H
L
A
N
D

A
V
E
.
L
A

B
R
E
A

A
V
E
.
1/2 mile
Hollywood
HOLLYWOOD BLVD.
FRANKLI N AVE.
W
E
S
T
E
R
N

A
V
E
.
W
I
L
T
O
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P
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.
G
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R
V
I
N
E
SANTA MONI CA BLVD.
MELROSE AVE.
101
Main Events
INVENTORY . . . . . . . . . .2.27 million square feet
UNDER CONSTRUCTION . . . . .284,574 sqare feet
CLASS A ASKING RENTS . . . . . . . . . . . . . . .$3.71
HOLLYWOOD
OFFICE MARKET AT A GLANCE
16
15
14
13
12
11
10
9
8
Vacancy Rate
percent
Net Absorption
000s of square feet
80
60
40
20
0
-20
-40
13 14 12
1 2 3 4 1 2 3 4 1
13 14 12
1 2 3 4 1 2 3 4 1
Australian audio engineering school SAE
Institute signed a 10-year deal for 41,000
square feet at the former Kodak campus at
6700 Santa Monica Blvd. and 1017 N. Las
Palmas Ave. with landlords Lincoln Property
Co. and GEM Realty Capital Inc. SAE will
move from its current 20,000-square-foot
space at 6565 Sunset Blvd. this year. Terms
were not disclosed.
DJ talent agency AM Only nearly tripled its
space at 6725 Sunset Blvd. The company
signed a lease for 6,675 square feet in March
with landlord Crown Realty. The 54-month
deal was valued at $1.1 million.
Miracle Mile developer J.H. Snyder Co.
broke ground in March on 959 Seward St.,
near Romaine Street, where it plans to build a
two-building creative office campus. The proj-
ect, totaling 245,000 square feet, is slated for
completion in 2016.
West L.A. real estate investment trust
Kilroy Realty Corp. in January acquired a
four-acre property on Sunset Boulevard at
Vine Street for $46 million from the Academy
of Motion Pictures Arts and Sciences. Kilroy
is planning a 475,000-square-foot mixed-use
development.
Preeminent jazz club Catalina Bar and Grill
renewed its nearly 9,000-square-foot lease at
6725 Sunset Blvd. for 15 years with landlord
Crown Realty. The deal was valued at about
$5.5 million.
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