Los Angeles Beautification Team, a nonprofit dedicated to resource conservation and community improvement, has sold its 6,740-square-foot office building in Hollywood for $5.38 million. Despite the purchase price surpassing $5 million, the transaction avoided the Measure ULA tax due to the seller’s nonprofit status.
The building, located at 1741 N. Cherokee Ave., sits on an 18,000-square-foot lot. Big Sunday, a nonprofit organization that hosts service projects and giving opportunities, purchased the asset. Because of the property’s desirability, LABT said that it received multiple offers over asking price.
“As our service area grew and the demand for our community improvement services increased, we had outgrown our facility in Hollywood,” said LABT Chief Executive Sharyn Romano. “When we decided to sell, we were thrilled to receive multiple offers and select Big Sunday, another nonprofit doing great work in this community.”
Big Sunday will use the building for its new headquarters and is scheduled to relocate later this month.
“Over the past several years, we have experienced tremendous growth thanks to our volunteers and generous contributions,” David Levinson, founder and executive director of Big Sunday, said. “This building is the perfect fit for us as we continue our mission of connecting people through helping.”
Nicole Mihalka and Cal Ross from Jones Lang LaSalle Inc., along with the Kenny Stevens team from Compass, represented Los Angeles Beautification Team. Max Levin of Helios CRE represented Big Sunday.
Built in 2012, 1741 N. Cherokee Ave. was designed by architecture firm Gruen Associates. The building features 18-foot-high ceilings with multiple offices and a large training room, as well as a 7,000-square-foot landscaped outdoor space.
LABT will be relocating to a larger site in the San Fernando Valley; however, it plans to preserve its presence in Hollywood with its administrative and field office remaining in a location directly across the street from its former headquarters.
“Hollywood is still our home with our administrative and field office hub remaining on Cherokee Avenue, along with an expanded nursery operation located in the San Fernando Valley,” Romano said.
