The nearly fully occupied Cahuenga West office building in Universal City has sold for about $36 million, or about $350 per square foot, according to sources close to the transaction.
The five-story, roughly 103,000-square-foot Class A structure at 3330 Cahuenga Blvd. West has sold to 4M Investment Corp. in Los Angeles, according to Newmark Grubb Knight Frank. The seller was Blackstone Group.
Cahuenga West is 98 percent leased with tenants including Extreme Reach Inc., Panasonic Corp., EPS-Cineworks and Abominable Pictures.
Kevin Shannon, president of NGKF’s West Coast capital markets, Senior Managing Director Rob Hannan, Managing Director Michael Moll and Rob Erickson, along with Trevor Belden of Industry Partners, negotiated the deal on behalf of Blackstone.
“This is an institutional asset that offers tenants creative spaces as well as a location that is near a concentration of entertainment and tech firms in the neighboring Burbank and Hollywood markets,” Shannon said in a statement. “The property offered the buyer the opportunity to add value by implementing a modest renovation plan, and bringing rents to market rates as leases expire.”
Class A office vacancy is 2.7 percent in Universal City, according to Shannon.
NGKF is a part of global brokerage firm BGC Partners Inc.