Miracle Mile developer J.H. Snyder Co. has signed its first lease for a creative office campus it is building in Hollywood.
Broad Green Pictures, a film production, financing and distribution company co-founded by billionaire hedge fund manager Gabriel Hammond and his brother Daniel, sealed the deal in early April, signing a 10-year lease for 36,000 square feet at the Hollywood 959 development. The transaction is valued at roughly $11.6 million, according to average asking rates for similar properties in the Hollywood market provided by CoStar Group Inc.
Construction of the $138 million, 245,000-square-foot office plaza, at 959 Seward St., began last March and is expected to be completed this August, said Patrick Church, managing director at Jones Lang LaSalle Inc.’s downtown L.A. office, who, with Anneke Greco, represented Snyder in the deal.
Broad Green will expand from the 10,000 square feet it takes in Hollywood, at nearby Hollywood Center Studios and at several other temporary spaces in the neighborhood. The company needed short-term space to accommodate its rapid expansion, said Patrick Amos of CBRE Group Inc., who represented the producer in the transaction.
In February, Broad Green acquired a 45 percent stake in London’s Mister Smith Entertainment, a licensing and distribution operation, and it will release Ramin Bahrani’s real estate thriller “99 Homes,” starring Andrew Garfield, later this year.
“Hollywood is definitely a market that attracts tenants from within and from the outside,” Church said. “Because of the residential infrastructure, film infrastructure and Metro stations, we’re seeing tenants from all of the surrounding markets look for space in Hollywood, whether they are coming from Mid-Wilshire or West Los Angeles or north from Burbank.”
While Broad Green is the first tenant to sign at the property, Church said he is in multiple negotiations with prospective tenants.
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