A historic Hollywood property has signed its first tenant since undergoing renovations that began last summer.
Australian-based audio engineering school SAE Institute signed a long-term lease for about 41,000 square feet at Hollywood Office Campus, a 105,500-square-foot creative office property at 6700 Santa Monica Blvd. and 1017 N. Las Palmas Ave.
The two-building office park in the Hollywood Media District was once home to Eastman Kodak Co.’s West Coast headquarters. Landlords Lincoln Property Co. and GEM Realty Capital Inc. purchased the property last year for $24.7 million.
The institute, which leases about 20,000 square feet at 6565 Sunset Blvd., is expected to move to the new site by the end of the year. It will occupy all 19,500 square feet in a free-standing two-story building at the front of the campus as well as about 21,000 square feet of an 86,000-square-foot production warehouse. The smaller building features a 44-seat screening room, an interior courtyard and a full-service kitchen. The warehouse features several screening and editing rooms, film vaults and fitness facilities.
“This is one of the largest leases in Hollywood in the last several years,” said Nicole Mihalka, a broker for Chicago’s Jones Lang LaSalle Inc. who represented the landlord. “We’re starting to see more activity and demand for larger square footage.”
Mihalka declined to disclose terms of the deal, but said she’s marketing the remaining space at the property for $2.75 a square foot a month. A 10-year lease for 41,000 square feet at that rate would be valued at about $13.5 million.
Carl Muhlstein and Hayley Blockley of Jones Lang LaSalle also represented the landlord. Brokerage firm Cresa represented the tenant.
Beverly Hills real estate crowdfunding company Realty Mogul announced last week that it raised $9 million in a Series A funding round led by Westport, Conn., venture capital firm Canaan Partners.
The year-old company also announced earlier this month that it had reached an investment milestone, having funded 58 properties in 14 states totaling more than $100 million in value through its online platform.
Jilliene Helman, chief executive and co-founder of Realty Mogul, said Canaan’s support will help the company realize its primary goal: to democratize access to commercial real estate deals.
“Canaan’s backing will help us to enable thousands of investors to have an easy, transparent way to diversify their portfolio into commercial real estate by crowdfunding opportunities previously only available to a select few,” she said in a statement.
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