Reveille Independent LLC, the television studio known for producing “The Office,” “Ugly Betty” and “The Tudors,” will soon leave the NBC Universal lot after signing a seven-year lease for headquarters space in Hollywood.
The company has leased the entire 30,051-square-foot, two-story office building at 1741 Ivar Ave. The late April deal with landlord Doublewide LLC is valued at about $6 million. According to sources with knowledge of the Hollywood market, the deal starts at $2.25 per square foot per month on a triple net basis, and escalates annually.
The move is an expansion for Reveille, which had space on the lot and nearby on Lankershim Boulevard in Universal City that also will be vacated.
Broker Robert Cavaiola of Studley, who represented the production company, said that the move made sense because it allowed the studio to consolidate its offices and save money on a deal he termed below market-rate.
However, Chris Bonbright, who represented the landlord, the former owner of movie trailer house Trailer Park Inc., said the lease was fair to both sides.
“They certainly negotiated a long time, and hard,” said Bonbright of Ramsey-Shilling Commercial Real Estate Services Inc. “At the end of the day the landlord was happy with the transaction.”
The property will house offices, production and post production facilities and Reveille will move into the facility around Labor Day.
Trailer Park, now a unit of private equity firm Lake Capital Partners, vacated the building in December and moved to another Hollywood property. Matthew Brainard of Studley, who also represented Reveille, said that the building’s existing amenities were an attraction because of Trailer Park’s similar line of work.
Reveille was founded in 2002 by Ben Silverman, who became co-chairman of NBC Entertainment in 2007 but lasted just two years at that post. In 2008, Reveille was purchased by production company Shine Group, owned by Elisabeth Murdoch, daughter of Rupert Murdoch.
Reveille did not return calls seeking comment.
The landlord also was represented by John Tronson of Ramsey-Shilling.
Cerritos Sale
Nelson-Dunn Inc., a Cerritos-based distributor and manufacturer of hose, hydraulics and electrical cables, has purchased an industrial building next door to its headquarters. The $4.35 million deal with the Oviatt Family Trust of Visalia closed June 8.
The deal for the 48,351-square-foot building at 17719 Valley View Ave. breaks down to $90 per square foot. Buyer broker Steve Calhoun of Colliers International said the building was particularly desirable to Nelson-Dunn because it was adjacent to the company’s headquarters.
“It’s almost like they have a campus-like environment,” said Calhoun. “From an ease of management (perspective) to have everything right there, it’s a big benefit.”
The facility will be operational next month. The purchase allows Nelson-Dunn to leave another nearby industrial facility where it had leased space, said Kevin Dunn, owner of the family business. The new facility will be used for warehousing, distribution and assembly.
“It brings all of our personal, inventory, assembly and manufacturing into one piece of property,” he said.
Calhoun said his client had long eyed the building, but it hadn’t been for sale until fall 2009, when an aquarium manufacturer vacated the property. Seller broker Brad Gilmer of Lee & Associates Commercial Real Estate Services said that his client had offered the building for sale or lease.
The seller was also represented by Tom Gilmer and Clif Fincher of Lee & Associates.
New Job
Michael Prabhu is getting a chance to return to the side of the real estate business he cut his teeth on working for Robert Maguire. He has been named the director of property management of the Southwest region for Jones Lang LaSalle Inc.
The 39-year-old executive previously was the company’s director of operations for the Los Angeles region. Prabhu started his new job June 1 and will work out of the real estate services firm’s downtown Los Angeles office.
Prabhu said he was excited to get back to his real estate roots. From 1998 to 2005 he worked for Maguire Partners and later publicly traded Maguire Properties Inc. in property management. During his stint with the public company he was a senior manager and oversaw a portfolio that included Gas Co. Tower and One California Plaza, among other buildings.
“It’s a great opportunity to work in a growing business segment with a world-class firm,” he said, of his employer.
Staff reporter Daniel Miller can be reached at [email protected] or (323) 549-5225, ext. 263.
