Hollywood’s office vacancy rate dropped in the third quarter, falling to 27.6 percent from 28.7 percent in the prior quarter, but is still almost twice the 14.2 percent of the year-earlier period. Class A rents increased to $4.43 a square foot from $4.31 quarter to quarter. Net absorption was up from the second quarter, hitting 93,582 square feet, a huge jump from being in the negative a year earlier. There were 624,601 square feet under construction.
-J.H. Snyder Co.’s new Hollywood 959 office complex at 959 Seward St. nabbed tenant Formosa Group, a sound production company, with a 30,000-square-foot lease.
-New York Life Real Estate Investors purchased the 218-unit Rubix Hollywood apartments at 1714 N. McCadden Place for $109 million from AIG Asset Management.
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