Hollywood’s office vacancy rate shrank considerably in the fourth quarter, reaching 21.6 percent from 27.6 percent in the prior period, and compared with 21.7 percent in the year-earlier quarter. Class A rents took a substantial hike to $4.45 a square foot from $4.31 in the third. Net absorption was 162,021 square feet. There are 760,779 square feet under construction.

Main Events

-CRA/LA, the city L.A.’s former redevelopment agency, sold the Arclight Hollywood parking structure at 1400 Ivar Ave. to Robertson Properties Group for $50 million.

-Salon Republic signed a 10-year lease for 20,000 square feet at Robertson Properties Group’s Dome Entertainment Center at 6360 W. Sunset Blvd.

-Essex Property Trust sold the 270-unit Jefferson at Hollywood apartment building at 1724 N. Highland Ave. to Redwood Urban and Beverly Pacific for $120.5 million.