Vanbarton Group, a New York-based real estate investment firm, has purchased a five-story, 74,000-square-foot office building at 6725 Sunset Blvd in Hollywood from Costa-Mesa based Crown Realty & Development Corp. for $37.8 million, or around $512 per square foot.
The property also features a three-story parking structure as well as creative tenant buildouts.
Kevin Shanon, Rob Hannan, Ken White and Michael Moll of NKF Capital Markets represented Crown Realty, along with John Tronson of Avison Young. Vanbarton Group represented itself.
Crown Realty purchased the property for $19.5 million, or about $264 per square foot, in 2005. The building has undergone extensive renovations since that time. It is located blocks south of the Hollywood & Highland complex as well as the Los Angeles County Metropolitan Transportation Authority Red Line’s Hollywood/Highland station.
“With nearly 50 percent of the property expiring by the end of 2018 and in-place rents substantially below market, the investment offered a unique value-add profile within one of Los Angeles’s most sought-after office submarkets,” said Michael Moll, senior managing director at NKF Capital Markets, in a statement.
Vanbarton Group has been an active buyer in Hollywood, having purchased a six-story, 103,000-square-foot office tower at 7083 Hollywood Blvd for $42.3 million, or $412 per square foot, in September 2017.
Real estate reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.