Commercial real estate brokerage Avison Young (Canada) Inc. in Los Angeles said it has negotiated the $15.4 million sale of a Glendale television studio.
Culver City property developer and manager Hileman Cowley Partners partnered with LLJ Ventures, the private equity arm of San Diego-based LM Group, to buy the 56,547-square-foot studio at 1840 Victory Blvd. from Victory Partners and Mason Trust, according to Avison. The site is fully-occupied by Telepictures Productions, a division of Warner Bros. Entertainment Inc., and producers of “Extra,” “The Ellen DeGeneres Show” and “TMZ.” It has leased the studio since 1994.
The building was built in 1969 and the 3.3-acre parcel is one of the largest contiguous plots in the area, according to Avison, with 230 parking spaces, two sound stages, broadcast-quality production studios and offices.
Avison Vice President Andrew Berk and Principal Mark Evanoff brokered the deal on behalf of the seller, Victory Partners and Mason Trust.