Historic Citizen News Building Trades Hands

HOLLYWOOD, CA—Brentwood Capital Partners has sold the historic Citizen News Building to SE Edinger LLC for $14.5 million. The 48,925-square-foot office building currently has 94% occupancy with a tenant mix of mostly entertainment industries.

The buyer purchased the property to capitalize off of the increasing demand for creative office space in Hollywood. “Hollywood has a history that simply cannot be replicated anywhere else in Southern California and we are seeing evidence of a younger and reenergized workforce that wants to live, work and play here,” says Trevor Belden, a broker at Industry Partner‘s Hollywood office, who represented both the buyer and the seller in the transaction, along with Luke Palmo, Brian Peterson and Alex Sachs of Coldwell Banker Commercial WESTMAC. To supply this demand, the previous owners renovated the property in 2006, adding 16-foot ceiling heights and concrete floors, skylights and second-floor patios. The new design attracts entertainment tenants, including Larson Studios and Partizan Entertainment, which currently lease space in the building.