1956 N Cahuenga Boulevard - HOLLYWOOD OWNER-USER INVESTMENT OPPORTUNITY OFFICE BUILDING FOR SALE
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
CONFIDENTIAL OFFERING MEMORANDUM
HOLLYWOOD OWNER-USER
INVESTMENT OPPORTUNITY
OFFICE BUILDING FOR SALE
1956 N Cahuenga Boulevard
LOS ANGELES, CA 90068
CONFIDENTIALITY & CONDITIONS
Newmark (the “Agent”) has been engaged as the exclusive sales representative for the sale of 1956 N Cahuenga Blvd, Los Angeles, California 90068 (the ”Property”) by FOR MORE INFORMATION,
‘Ownership’ (the “Seller”).
PLEASE CONTACT:
The Property is being offered for sale in an “as-is, where-is” condition, and the Seller and the Agent make no representations or warranties as to the accuracy of the
information contained in this Offering Memorandum. The enclosed materials include confidential information and are being furnished solely for the purpose of review
by prospective purchasers (“Purchasers”) of the interest described herein for which it shall be fully and solely responsible. Neither the enclosed materials, nor any
GIBRAN BEGUM
information contained herein, are to be used for any other purpose, or made available to any other person without the express written consent of the Seller. Each recipient, Managing Director
as a prerequisite to receiving the enclosed information, should be registered with the Agent as a “Registered Potential Investor” or as a “Buyer’s Agent” for an identified t 213-596-2281
“Registered Potential Investor”. The use of this Offering Memorandum, and the information provided herein, is subject to the terms, provisions and limitations of the gibran.begum@nmrk.com
Confidentiality Agreement furnished by the Agent prior to delivery of this Offering Memorandum.
CA RE Lic. #01455990
The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by the Agent
or the Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners, and directors, as to its accuracy or completeness. Summaries
DAVID GHERMEZIAN
contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of
the principal provisions contained therein. Neither the Seller nor the Agent shall have any liability whatsoever for any other written or oral communication or information
transmitted, or made available, or any action taken, or decision made by the recipient with respect to the Property. Senior Managing Director
The Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from the market for sale at any time and for any reason without notice, to t 310-407-6573
reject any and all expressions of interest or offers regarding the Property, and/or to terminate discussions with any entity at any time, with or without notice. This Offering david.ghermezian@nmrk.com
Memorandum is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. The Agent is CA RE Lic. #01084422
not authorized to make any representations or agreements on behalf of the Seller. The Seller shall have no legal commitment or obligation to any recipient reviewing the
enclosed materials, performing additional investigation, and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of
the Property has been fully executed, delivered, and approved by Seller and any conditions required under the contract for title to pass from the Seller to the buyer have
been satisfied or waived.
JONATHAN DADOURIAN
By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents will be held and treated in Associate Director
the strictest of confidence; and (b) the recipient shall not contact employees, contractors, sub-contractors or lien-holders of the Property directly or indirectly regarding any t 310-407-6567
aspect of the enclosed materials or the Property without the prior written approval of the Seller or the Agent; and (c) no portion of the enclosed materials may be copied
or otherwise reproduced without the prior written authorization of the Seller or the Agent or as otherwise provided in the Confidentiality Agreement executed and delivered jonathan.dadourian@nmrk.com
by the recipient(s) to Agent. The Seller will be responsible for any commission due to the Agent in connection with a sale of the Property. However, any broker engaged by CA RE Lic. #01858129
Purchaser (“Buyer’s Broker”) shall seek its commission in accordance to the exclusive listing agreement. Under no circumstances will the Agent or the Seller be liable for
same and recipient will indemnify and hold the Agent and the Seller harmless from any claims by any brokers having dealt with recipient other than the Agent. Any Buyer’s
Broker must provide a registration signed by the recipient acknowledging said Buyer’s Broker’s authority to act on the recipient’s behalf.
1956 N Cahuenga Boulevard
TA B L E O F
CONTENTS
01 02 03
EXECUTIVE
SUMMARY
PROPERTY
OVERVIEW
AREA & MARKET
OVERVIEW
E X E C U T I V E
S U M M A R Y
1956 N Cahuenga Boulevard
01
EXECUTIVE SUMMARY
Newmark is pleased to present the opportunity to acquire 1956 North Cahunega
Boulevard, Los Angeles CA 90068, in Hollywood, CA (hereafter the “Property”,
“Project”). The property is approximately 4,760 square feet commercial office
building on approximately 6,496 square feet of land, zoned C2. The building is
a two story commercial office building with multiple offices, restrooms, small
acting stages and sound-proof rooms that were formerly used as recording
studios, and there are approximately 11 parking spaces in a gated parking
lot in the rear. The property is located in the northern part of the Hollywood
market directly adjacent to the 101 Freeway and the Cahuenga Boulevard
on/off ramp giving excellent access to the greater Los Angeles region.
Cahuenga Boulevard is a major thoroughfare in the area connecting
Hollywood to the 101 Freeway and San Fernando Valley.
Located in Hollywood, the Property lies along the main commercial
corridor of Cahuenga Boulevard which is comprised of retail and
office buildings, and adjacent residential neighborhoods made
up of a dense collection of homes and apartment buildings. The
area has a well-established base of entertainment companies
and productions studios such as Netflix, Paramount Pictures,
Capitol Records, Sunset Bronson Studios, and Sunset
Gower Studios, and is undergoing tremendous growth with
new office and apartment developments being built in the
immediate area. All of this is contributing to the drastic
improvement in demographics in the area, while also
providing excellent restaurant and retail amenities for
office users.
5
OFFERING SUMMARY
$3,500,000 ± 4,760 SF* ± 6,496 SF* $735
ASKING PRICE BUILDING SIZE LAND SIZE PRICE PER SF BUILDING
5575-001-016 1959 C2
APN NUMBER YEAR BUILT ZONING
INVESTMENT HIGHLIGHTS
1956 North Cahuenga Boulevard is an attractive opportunity for an owner-user looking to purchase in the
Hollywood area.
¡ G
reat floor plan with multiple offices, conference room, and some sound proof rooms that were
previously used as recording studios.
¡ Excellent street exposure for signage and brand recognition.
¡ 11 parking spaces located in gated parking lot at the rear of the property.
¡ L
ocated between Hollywood Blvd and the 101 Freeway.
* Per County Records
6
P R O P E R T Y
O V E R V I E W
1956 N Cahuenga Boulevard
02
PROPERTY LOCATION
1956 North Cahuenga Boulevard has an ideal location for an owner-user looking to
occupy a building for their business and establish themselves in the robust and growing
Hollywood market.
¡ L
ocated mid-block on the eastside of Cahuenga Boulevard between Franklin
Avenue and the 101 Freeway.
¡ D
irectly adjacent to the 101 Freeway and the Cahuenga Boulevard on/off
ramp, giving it excellent access to the greater Los Angeles region.
¡ C
ahuenga Boulevard is a major thoroughfare in the area connecting
Hollywood to the 101 Freeway and San Fernando Valley.
¡ T
he Hollywood sub-market has seen tremendous growth in recent
years with new office developments, apartment buildings, and
hotels being built, along with major entertainment businesses Pl
os
and production companies moving to the area. This has
Ce rrit
spurred an increase demographics.
¡ M
any great amenities nearby, including excellent
restaurants, bars, grocery stores, and retailers.
¡ N
earby to major entertainment and production
companies: Live Nation, Capitol Records, Viacom,
N
Netflix, Fender, CNN, Paramount Pictures,
Ca
Wi
Raleigh Studios, Sunset Gower Studios,
hu
lco
Sunset Bronson Studios.
en
xA
ga
ve
Blv
d
8
PROPERTY DESCRIPTION
1956 North Cahuenga Boulevard is comprised of approximately 4,760 square feet commercial
office building on approximately 6,496 square feet of land with 11 parking spaces in a gated
parking area at the rear of the property. The two story building has a mix of small offices, larger
meeting/conference rooms, and 3 sound proof rooms with recording booths. Formerly
occupied by a world renowned acting studio, the larger meeting/conference rooms were
used as performing rooms with small stages. There are bathrooms on both the first floor
and second floor, with one of the second floor restrooms having a shower. There is
also a small kitchenette on the first floor, and a larger kitchen with stove and hood on
the second floor. Portions of the second floor have small skylights which provide an
abundance of natural light in the interior of the space.
9
10
11
DEVELOPMENT SITES | HOLLYWOOD AREA
1 2
1956 N CAHUENGA BLVD
Project Name Amoeba Tower Academy on Vine
Project Type
No of Units
Mixed Use
200 Housing Units,
Office Mixed Use
One 20-Story
10 being Affordable Residential Tower
Notes 7,000 SF of retail space 335,000 SF office space and
$ 277 parking spaces 13,000 SF retail space
11
3 4 7
Project Name EPIC Rise Hollywood
Project Type Office Mixed Use Apartment Complex
No of Units 369 More Apartments 12 8
Notes 280,000 square feet of new
offices and 18,400 square feet
10 3
of ground-floor retail space 1
6 9
5
5 6 2
Project Name Second Home Hollywood Tommie Hotel 4
Project Type Coworking Complex Hotel & Restaurant
No of Units
Notes The Selgas Cano-designed Restaurant at Street Level and
campus will include 60 new Rooftop Pool. 19-Story Hotel
13
“pods” made of timber and acrylic
and 3,000 new plants and trees
7 8 9 10 11 12 13
Project Name Whisky Hotel Palladium Residences Godfrey Hotel Ivar Gardens Hollywood Center Modera Argyle Sears Development
Project Type Hotel & Restaurant Mixed Use Hotel Mixed Use Hotel Mixed Use Apartments Apartments Mixed Use
No of Units 114-Room Hotel 731 Apartments 220 Hotel Rooms 1,005 Apartments and 276 Residential Units 375 Units
Condos
Notes A boutique hotel with a 30-story mixed-use towers Public rooftop bar and a 275 guest rooms, along with The housing would be spread Seven story project by
street-level restaurant and a directly behind the Palladium groundfloor restaurant 1,900 square feet of retail across two towers—one with CIM Group includes
rooftop bar. space, a rooftop pool and fitness 35 stories and the other with 265,000 SF retail
center, and four levels of 46—and two 11-story structures
underground parking. on lots next to and across from
the Capitol Records building at
Yucca and Vine Streets
12FLOORPLANS
1st Floor 2nd Floor
13PARCEL MAP
14AREA AMENITIES
1956 N CAHUENGA BLVD
101
d Ave
101
N Highlan
NC
ahu
eng
101
a Blvd
Hollywood Blvd
Hollywood Blvd
Vine St
d Ave
N Highlan
Sunset Blvd
Sunset Blvd
N Cahuenga Blvd
15REGIONAL VIEW | NORTH FACING
2
5
NORTH HOLLYWOOD
170
BURBANK
134 134 2
134
TOLUCA LAKE
STUDIO CITY
5
GLENDALE
UNIVERSAL STUDIOS GRIFFITH PARK
1956 N CAHUENGA BLVD ATWATER VILLAGE
HOLLYWOOD HILLS 2
5
u
LOS FELIZ
HOLLYWOOD
2 5
WEST HOLLYWOOD
SILVER LAKE
FAIRFAX
16Bu ot am le
E
ndEx ge
po y pa
/S Re
ep
W ul s ed
es ve a
tw da
oo Ba
Pa d/ lb
lm Ra oa
s nc W
ho oo
Cu Pa dl
lv
LA
ey
X
er rk
Fl
yA
Ci Se
w
La ty pu
ay
Ci lv
en ed
eg Va a
Ex n SAN FERNANDO VALLEY
po
a/
Je N
/L uy
a
ff
er W s
Fa Br so oo
n
Los Angeles River
rm ea dm
da an
le Va
Ex lle
PURPLE LINE EXTENSION
po y
/C Co
re La lle
METRO RAIL MAP
Ex ns ur ge
1956 N CAHUENGA BLVD
po ha el
/W w Ca
e
CENTRAL LA
Ex st ny
po er W N on
/V n ils or
er hi th
Ex m re U Ho
Je p on /W ni lly
ff Pa o t es ver w
er r W te sa oo
so k/ ils rn Ho
l d
n/ US lly C
US C N hi
or re w ity
u
C m / Ho oo /S
tu
an lly d/
di
LA
di w Hi o
X
e g
Institute
LATTC/Ortho
Fl
Ho oo hl Ci
yA
ty
w
lly d/ an
V d
ay
Ve Ve Ve w i
USC
W
Pico
rm rm rm oo ne
ils
7th St/Metro Ctr
h on on on d/
37th St/
Slauson
W ir t/ t/ t/ W
e/
LA
es Be Sa Su es
tla Ve v n n te
17
rm er ta se rn
ke ly M t
/M on
t o ni
ac ca
Ar
th
Grand/LATTC
ur
DOWNTOWN
Square
Pa
rk
Pershing
Vernon
San Pedro St
Ci
Li
t v
Washington
REGIONAL
Ar tle Gr ic C
a t
CONNECTOR
ts To Pa nd r/
Di ky rk
st o/
Pi
co
Los Angeles River M /A
ar lis La
ia o ke
ch
Del Mar
Fillmore
iP
la
Chinatown
LAX FlyAway
Al
Heritage Sq
za le
n
Union Station
Highland Park
Memorial Park
Amtrak & Metrolink
South Pasadena
Lincoln/Cypress
So Si
to er
LA r
Southwest Museum
In a
di C+
US M
an Ar ad
M a C ca re
Ea ar M di Vi
st av Ca ed a lla
ill lS ic M
LA
a al
EASTSIDE
ta on
Ci M t Ct ro
vi et e
ro L r v
c lin A
Ct k Du ia
r El ar
At
la M te
/C
on
nt te Ir ity
ic w
in of
da Ho
Az le pe
SAN GABRIEL VALLEY
us
a
Do
AP w
U/ nt
Ci ow
tr n
us
Co
lle
g
GOLD LINA R E A & M A R K E T
O V E R V I E W
1956 N Cahuenga Boulevard
03LOS ANGELES COUNTY OVERVIEW
Los Angeles is at the heart of one of the world’s most important centers of culture, science, technology, international
trade and higher education. It is home to numerous world-renowned institutions in a broad range of professional and
cultural fields. The city and its surrounding area leads the world in producing popular entertainment such as motion
pictures, television and recorded music, which forms the base of its international fame and global status. The City
of Los Angeles, founded in 1781, is the second-most populous in the United States, after New York City, with
a population at the 2010 United States Census of near four million people. Los Angeles is counted among the
country’s select “24-hour cities,” along with New York, Chicago, Washington D.C. and San Francisco.
Downtown Los Angeles is comprised of roughly 20 square miles, bounded by the Los Angeles River on the
north and east, by the I-10 Santa Monica Freeway on the south with a jog down to encompass USC, and
to the west by a line paralleling and running just to the west of the I-110 Harbor Freeway. This includes
a host of communities, such as the Eastside “Artists District” and the Produce and Flower Markets,
“Toy Town,” the “Fashion District,” the “Jewelry District,” as well as the financial core and Civic Center
government complex, with the landmark city hall. There are also several ethnic communities in this
downtown, including “new” Chinatown, Little Tokyo, and Olivera Street (where it all started in 1781).
DOWNTOWN LOS ANGELES TRANSPORTATION AND ACCESS
Downtown is surrounded and bisected by freeways, including the 101 (Hollywood), the 110
(Harbor - Pasadena), I-5 (Golden State -Santa Ana), I-10 (Santa Monica – San Bernardino
[although a stretch to the west of Downtown is now called the Rosa M. Parks Freeway]),
while the 60 (Pomona) freeway starts at the East Los Angeles interchange. To the
northwest, the Glendale or 2 Freeway almost makes it into Downtown, but morphs into
Glendale Boulevard.
Besides being the “hub” of the Southern California freeway system, Downtown is also
the hub of the region’s rail transit network. Service is provided by a variety of entities,
including: Metrolink rail commuter service, with five lines out of Los Angeles Union
Station; MetroRail, with the “Red” line subway from Downtown to Hollywood and
North Hollywood as well as the “Blue” line light rail from Downtown to Long
Beach, the “Gold” line light rail from Union Station to Pasadena, and the newly
constructed “Expo” line connecting Downtown to Culver City/Santa Monica.
19WORLD-CLASS EDUCATIONAL INSTITUTIONS
On the educational front, Downtown has an amazing array of
resources. These include the University of Southern California,
Mount St. Mary’s College and Hebrew Union College. There is
also the Colburn School of Performing Arts, the Fashion Institute
of Design and Merchandising, Los Angeles Trade Technical College,
Loyola Law School, the fashion program of Otis Art Institute and the
recently arrived Southern California Institute of Architecture. A little
farther to the east is California State University Los Angeles.
20HOLLYWOOD MARKET OVERVIEW
Recognized worldwide as the epicenter of the film and entertainment industry, Hollywood is the premier location for shopping, dining,
hotel and entertainment options by locals and tourists alike. Major attractions include the Pantages Theatre, Hollywood & Highland, the
Dolby Theater, El Capitan Theatre, Madame Tussauds Wax Museum, TCL Chinese Theater (Formerly Grauman’s Chinese Theatre), and
the Hollywood Bowl. The main office corridor in Hollywood is located between La Brea Avenue and Highland Avenue along Hollywood
Boulevard and Sunset Boulevard. Hollywood is home to office tenants that include major entertainment industry players, comprised
of major motion picture studios, independent studios, television and radio stations, record companies, special effects houses, video
game companies, craft vendors, as well as production and post-production companies.
In recent years, Hollywood has benefited from a major urban revitalization that continued even throughout the economic downturn.
Over the past several years, more than $4 billion in public and private capital has been invested for residential, commercial,
tourism, entertainment, and retail developments throughout Hollywood. The exciting renaissance of Hollywood over the past
several years has contributed positively to the strong residential market, surging tourism, and the unprecedented level of
redevelopment across all market sectors.
The creative economy represents the intersection of business, culture, technology, and art. It is comprised of not only
creative industries such as fashion, digital media, entertainment, toys, and architectural design, among other industries,
but also the organizations that provide artists a venue to share their work such as museums, galleries, and theaters. The
creativity and innovations that flow from such industries are essential economic assets to the entire Los Angeles region,
especially Hollywood. Subject to the same market forces as other industries, creative industries progress the economy
by attracting investment, tourism, consumer spending, and by generating tax revenues. Rising employment and
higher wages will benefit sectors that rely on consumer spending, such as art galleries, toys, digital media, and
fashion. Similarly, any improvements in the housing market will boost activity for architectural firms and interior
designers and increase demand for furniture and the decorative arts. While the Los Angeles metropolitan area
has the second largest number of creative wage and salary workers in the country behind New York, its creative
economy as a share of total wage and salary jobs is greater. The Los Angeles County Economic Development
Corporation (LAEDC) forecasts job growth in creative industries of over 1.02% annually in the next few years
versus 0.7% annually for all nonfarm jobs.
The primary driver of both the Hollywood rental market and commercial space is the presence of entertainment,
media and technology companies that occupy studio and office space, and further serve as a magnet for
the ancillary entertainment industry service providers. These companies, that include some of the most
recognizable in the entertainment industry, typically offer high-paying jobs to employees. Hollywood
contains one of the largest concentrations of entertainment industry and media firms in the world.
21MAJOR HOLLYWOOD EMPLOYERS MAP
lvd
aB
Hollywood Blvd
eng
1956 N CAHUENGA BLVD
ahu
Sunset Blvd
NC
Sunset Blvd
er St
N Van Ness Ave
Santa Monica
N Go w
Blvd
Santa Monica
Blvd
d
St
Blv
Vine
ga
N Wilton Pl
uen
Cah
Melrose Ave
22MAJOR HOLLYWOOD EMPLOYERS
LIVE NATION CAPITOL RECORDS VIACOM WEWORK NETFLIX
Live Nation Entertainment The historic Capitol Records Viacom Inc. currently leases over WeWork, valued at roughly After the leasing an additional
occupies approximately 140,000 building in Hollywood serves 211,000 square feet of space $20 billion, is one of the largest 43,000 square feet of sound
square feet of office space in as the headquarters for Capitol at Columbia Square in the heart startups in the country. WeWork stages, office, and support space
Hollywood. Boasting a current Records, a subsidiary of Universal of Hollywood. When Viacom designs and builds both physical in June 2017, Netflix altogether
market cap of $9.84 billion, Music Group, which occupies relocated to Columbia Square it and virtual shared workspaces to now has long-term lease
Live Nation is one of the largest 92,000 square feet of the building. united the West Coast operations meet the need of an increasing agreements with Hudson Pacific
live entertainment companies The Capitol Records label has of its media networks – including number of companies and Properties (HPP) for 560,000
in the world. The firm, which recorded and released material BET, Comedy Central, MTV, Spike individuals searching for square feet at Sunset Bronson.
owns or operates approximately by artists that include Nat “King” TV, VH1 and TV Land - that used workplace environments that This includes the entirety of Icon,
131 venues around the world, Cole, Frank Sinatra, The Beatles, to be in Santa Monica among foster a collaborative ethos. The a 14-story, 326,000-square-foot
functions through concerts, The Beach Boys, Coldplay, and other Los Angeles locations. startup’s Los Angeles County creative office building on the
ticketing, sponsorship, and the Red Hot Chili Peppers. When the move was announced, portfolio consists of 13 properties. property. Victor Coleman, Chief
advertising segments. David Simon, Executive Vice In addition to its occupancy of Executive Officer of HPP, hailed
President of Kilroy Realty, said, the seventh and eighth floors Netflix’s presence an example
“The decision by one of the at the Pacific Design Center’s of the convergence of tech and
giants in the entertainment RedBuilding in West Hollywood, media in Los Angeles, and how
industry to relocate the West WeWork ocupies a total of 113, next-gen content providers view
Coast operations of some of 466 square feet of space at 1601 growth, business strategy, and
its most popular networks and Vine (WeWork Vine). the use of space. Currently Netflix
consolidate them at Columbia is in the market for an additional
Square further demonstrates that 300,00 square feet of space.
office environments matter. This
is a bellwether event for both
Columbia Square and the ongoing
rebirth of Hollywood.”
23MAJOR HOLLYWOOD EMPLOYERS CON’T
FENDER TECHNICOLOR CNN NEUEHOUSE PARAMOUNT PICTURES
In 2016, Fender Guitar moved Technicolor occupies a six-story, CNN, a leading 24-hour news NeueHouse leases over 97,000 Paramount Pictures is located
their headquarters from Class A office and motion picture and information cable television square feet at Columbia Square. less than two miles from Artisan
Scottsdale, Arizona to Hollywood technical production facility network, occupies over 38,000 The design of NeueHouse, a Hollywood. The site houses
after leasing 34,000 square feet of located at Sunset Gower. Hudson square feet in Hollywood at 6430 hybrid coworking facility and approximately 1.9 million square
office space at Columbia Square. Pacific Properties developed Sunset Boulevard. CNN provides social club aimed at enterprising feet of floor space used for
In doing so, the world famous this steel framed building as a live coverage and analysis of creative professionals, reveals executive, administrative, and
guitar brand brought more than build-to-suit and North American breaking news, as well as a full many connections between past business offices, as well as sound
700 quality jobs to the community. headquarters for Technicolor, one range of business, weather, and present within the former stages, production facilities,
of the entertainment industry’s entertainment, health, and West Coast headquarters of CBS. theatres, equipment facilities, and
leading post-production and science news programs. “We’re all broadcasters today,” other ancillary uses. The studio
special effects companies. said Joshua Abram, NeueHouse’s is a unit of media conglomerate
Completed in 2008, the property co-founder, in what originally was Viacom and consistently ranks as
features a top-of-the-line build the general manager’s office. one of the largest (top-grossing)
out of traditional office and Legendary network head William movie studios in the world.
postproduction space appropriate S. Paley would work from the Paramount is in the midst of a
for content screening, editing, and upper floor suite when he came 25-year, $700 million expansion
data storage. to Los Angeles to check in on his and revitalization project for its
network’s big names and monitor studios. Approximately 1.4 million
the growing CBS media empire. square feet of development will
The “shared-work” concept take place over two decades at
— where the workplace is Paramount’s Melrose Avenue
reimagined as a place with public, headquarters and some
interactive, and collaborative adjacent properties owned by
qualities — was one of the many the company. The expansion will
concepts that guided the design create 7,300 construction jobs,
team throughout the process 5,500 permanent jobs at the
of rehabilitating the six-story studio, and generate $3.1 billion
Streamline Moderne landmark. in economic output annually.
24MAJOR HOLLYWOOD EMPLOYERS CON’T
RALEIGH STUDIOS NIELSEN SUNSET SUNSET
Raleigh Studios, located less than MEDIA RESEARCH GOWER STUDIOS BRONSON STUDIOS
two miles from Artisan Hollywood, Nielsen Media Research, a Sunset Gower Studios, located Sunset Bronson Studios, also
was founded by Adolph Zukor leading global information and just a short walk from Artisan known as KTLA Studios and
as the Famous Players Fiction measurement company, provides Hollywood, is a 14- acre television Tribune Studios, is a motion
Studio in 1912 and is the oldest market research, insights, and and movie studio that is an active picture, radio and television
independent studio in continuous data about what people watch facility for television and film production facility located just
operation. The 11-acre complex and buy. Nielsen, which leases production. Sunset Gower has under one mile from Artisan
features twelve sound stages over 45,000 square feet of office over 415,000 square feet of office Hollywood. The studio is where
and production/support space space in Hollywood, operates in space, support space, stage, the first talking feature film, “The
that serves as the worldwide over 100 countries and employs practical locations, sound editing Jazz Singer”, was filmed and has
headquarters for Raleigh Studios. approximately 40,000 people facilities, and features a 6-story since become a Historic Cultural
In addition to the stages, which worldwide. post-production facility operated Monument. Sunset Bronson
range in size from 3,800 square by Technicolor. Plans filed by features 105,000 square feet of
feet to over 16,000 square feet, Hudson Pacific in late 2017, stage space, with six of the ten
the property has five cycloramas, announce a proposed expansion, stages offering control rooms with
a control room, offices, a 3-D which would add 628,000 square full digital capabilities. In addition
screening room, an ADR studio, feet of new office and production to the stages, there is over
premiere dressing rooms, mill space to the campus, with 100,000 square feet of office and
space, a host of production completion scheduled for 2028. support space.
services, and a café. The highlight of the proposed
development is an 18-story,
478,000-squarefoot office tower
along Sunset Boulevard. Two new
mid-rise office buildings towards
the center of the property will
house an additional 147,000
square feet of creative office and
production space as well.
25DEMOGRAPHIC AND INCOME COMPARISON PROFILE
2021 Population Summary 1- MILE 2-MILES 3-MILES
Population 47,377 152,763 303,472
Households 26,242 76,439 143,373
Families 6,991 26,971 56,453
Average Household Size 1.73 1.94 2.07
Owner Occupied Housing Units 3,962 12,182 27,157
Renter Occupied Housing Units 22,281 64,258 116,216
Median Age 38.1 38.4 38.5
Median Household Income $61,203 $59,978 $66,163
Average Household Income $96,822 $95,041 $103,645
2026 Population Summary 1- MILE 2-MILES 3-MILES
Population 53,187 160,670 312,129
Households 29,245 80,335 147,431
Families 8,040 28,486 58,196
Average Household Size 1.75 1.94 2.07
Owner Occupied Housing Units 4,037 12,391 27,431
Renter Occupied Housing Units 25,208 67,944 120,000
Median Age 38.8 39.2 39.5
Median Household Income $76,301 $73,490 $79,134
Average Household Income $114,632 $111,436 $119,919
Trends: 2021-2026 Annual Rate 1- MILE 2-MILES 3-MILES
Population 2.34% 1.01% 0.56%
Households 2.19% 1.00% 0.56%
Families 2.84% 1.10% 0.61%
Owner Households 0.38% 0.34% 0.20%
Median Household Income 4.51% 4.15% 3.65%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2021 and 2026.
26DEMOGRAPHIC AND INCOME COMPARISON PROFILE CON’T
2021 Households by Income 1- MILE 2-MILES 3-MILES
Number Percent Number Percent Number PercentDEMOGRAPHIC AND INCOME COMPARISON PROFILE CON’T
2021 Population by Age 1- MILE 2-MILES 3-MILES
Number Percent Number Percent Number Percent
Age 0 - 4 1,340 2.8% 5,398 3.5% 12,165 4.0%
Age 5 - 9 1,239 2.6% 5,136 3.4% 11,800 3.9%
Age 10 - 14 1,123 2.4% 4,966 3.3% 11,691 3.9%
Age 15 - 19 1,542 3.3% 5,614 3.7% 12,081 4.0%
Age 20 - 24 3,039 6.4% 10,042 6.6% 19,299 6.4%
Age 25 - 34 12,317 26.0% 34,641 22.7% 63,726 21.0%
Age 35 - 44 9,121 19.3% 27,893 18.3% 54,094 17.8%
Age 45 - 54 6,506 13.7% 20,370 13.3% 41,109 13.5%
Age 55 - 64 4,813 10.2% 17,043 11.2% 34,283 11.3%
Age 65 - 74 3,559 7.5% 12,139 7.9% 24,443 8.1%
Age 75 - 84 1,967 4.2% 6,570 4.3% 12,880 4.2%
Age 85+ 812 1.7% 2,951 1.9% 5,901 1.9%
2026 Population by Age 1- MILE 2-MILES 3-MILES
Number Percent Number Percent Number Percent
Age 0 - 4 1,637 3.1% 5,879 3.7% 12,755 4.1%
Age 5 - 9 1,369 2.6% 5,053 3.1% 11,293 3.6%
Age 10 - 14 1,266 2.4% 4,900 3.0% 11,235 3.6%
Age 15 - 19 1,603 3.0% 5,457 3.4% 11,598 3.7%
Age 20 - 24 3,464 6.5% 10,352 6.4% 19,926 6.4%
Age 25 - 34 13,024 24.5% 35,540 22.1% 63,117 20.2%
Age 35 - 44 10,137 19.1% 29,256 18.2% 55,547 17.8%
Age 45 - 54 7,305 13.7% 21,544 13.4% 42,431 13.6%
Age 55 - 64 5,524 10.4% 17,730 11.0% 35,319 11.3%
Age 65 - 74 4,239 8.0% 13,605 8.5% 26,837 8.6%
Age 75 - 84 2,647 5.0% 8,075 5.0% 15,701 5.0%
Age 85+ 971 1.8% 3,277 2.0% 6,368 2.0%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2021 and 2026.
28DEMOGRAPHIC AND INCOME COMPARISON PROFILE CON’T
2018 Race and Ethnicity 1- MILE 2-MILES 3-MILES
Number Percent Number Percent Number Percent
White Alone 30,969 65.4% 97,710 64.0% 182,303 60.1%
Black Alone 3,102 6.5% 7,306 4.8% 11,868 3.9%
American Indian Alone 256 0.5% 811 0.5% 1,504 0.5%
Asian Alone 4,202 8.9% 15,186 9.9% 45,795 15.1%
Pacific Islander Alone 81 0.2% 191 0.1% 328 0.1%
Some Other Race Alone 6,181 13.0% 23,548 15.4% 46,660 15.4%
Two or More Races 2,585 5.5% 8,013 5.2% 15,012 4.9%
Hispanic Origin (Any Race) 13,467 28.4% 49,602 32.5% 97,572 32.2%
2023 Race and Ethnicity 1- MILE 2-MILES 3-MILES
Number Percent Number Percent Number Percent
White Alone 33,783 63.5% 100,754 62.7% 184,465 59.1%
Black Alone 3,390 6.4% 7,597 4.7% 12,023 3.9%
American Indian Alone 275 0.5% 833 0.5% 1,520 0.5%
Asian Alone 5,109 9.6% 17,084 10.6% 49,226 15.8%
Pacific Islander Alone 90 0.2% 200 0.1% 337 0.1%
Some Other Race Alone 7,493 14.1% 25,415 15.8% 48,522 15.5%
Two or More Races 3,046 5.7% 8,786 5.5% 16,037 5.1%
Hispanic Origin (Any Race) 16,605 31.2% 54,516 33.9% 103,367 33.1%
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2021 and 2026.
29DEMOGRAPHIC AND INCOME COMPARISON PROFILE | 1 MILE
Trends 2021-2026
4.5
4
Annual Rate (in percent)
3.5
3
2.5
2
1.5
1 Area
State
0.5
USA
0
Population Households Families Owner HHs Median HH Income
Population by Age
25
20
Percent
15
10
5 2021
2026
0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+
2021 Household Income 2021 Population by Race
65
60
$25K - $34K $15K - $24K
7.9% 55
8.0%
$35K - $49K 50
9.3% < $15K 45
15.6%
40
Percent
$50K - $74K
35
17.0%
30
25
$200K+
10.9% 20
$150K - $199K 15
$75K - $99K 5.7% 10
11.5%
$100K - $149K 5
14.1%
0
White Black Am.Ind. Asian Pacific Other Two+ Hisp
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2021 and 2026.
30DEMOGRAPHIC AND INCOME COMPARISON PROFILE | 2 MILES
Trends 2021-2026
4
Annual Rate (in percent)
3.5
3
2.5
2
1.5
1 Area
State
0.5
USA
0
Population Households Families Owner HHs Median HH Income
Population by Age
22
20
18
16
14
Percent
12
10
8
6
4 2021
2026
2
0
0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+
2021 Household Income 2021 Population by Race
60
$25K - $34K $15K - $24K 55
8.2% 9.2% 50
$35K - $49K
9.8% < $15K 45
14.8% 40
Percent
35
30
$50K - $74K
25
16.3% $200K+
10.6% 20
$150K - $199K 15
$75K - $99K 5.8% 10
11.5% $100K - $149K 5
13.8%
0
White Black Am.Ind. Asian Pacific Other Two+ Hisp
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2021 and 2026.
31DEMOGRAPHIC AND INCOME COMPARISON PROFILE | 3 MILES
Trends 2021-2026
3.5
Annual Rate (in percent)
3
2.5
2
1.5
1
Area
0.5 State
USA
0
Population Households Families Owner HHs Median HH Income
Population by Age
20
18
16
14
Percent
12
10
8
6
4 2021
2026
2
0
0-4 5-9 10-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+
2021 Household Income 2021 Population by Race
60
$25K - $34K
7.9% 55
$35K - $49K $15K - $24K 50
9.9% 8.3%
45
< $15K 40
$50K - $74K 12.3%
35
Percent
16.0%
30
25
20
$200K+
$75K - $99K 12.1% 15
11.8% $150K - $199K 10
$100K - $149K 6.8% 5
14.8%
White Black Am.Ind. Asian Pacific Other Two+ Hisp
Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2021 and 2026.
32OWNER-USER / INVESTMENT OPPORTUNITY
1956 N Cahuenga Boulevard
FOR MORE INFORMATION, PLEASE CONTACT:
GIBRAN BEGUM DAVID GHERMEZIAN
Managing Director Senior Managing Director
t 213-596-2281 t 310-407-6573
LOS ANGELES, CA 90068
gibran.begum@nmrk.com david.ghermezian@nmrk.com
CA RE Lic. #01455990 CA RE Lic. #01084422
The broker for a purchaser of the property shall be entitled to receive a real estate commission only in the event that broker and the property’s
owner execute a written commission agreement, containing the manner of calculation of that commission and all conditions to its payment, and
JONATHAN DADOURIAN
the satisfaction of those conditions. Absent a written agreement to the contrary between that broker and Newmark, that broker shall not look to
Newmark for payment of such a commission or any other compensation.
Although all information furnished regarding property for sale, lease, or financing has been obtained from sources deemed to be reliable, that Associate Director
information has not been verified by Newmark and no express representation is made nor is any to be implied as to the accuracy thereof. That
information is subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice t 310-407-6567
and to any special conditions imposed by Newmark’s client. jonathan.dadourian@nmrk.com
Corporate License #01355491 CA RE Lic. #01858129 nmrk.comYou can also read
