HOLLYWOOD-The LeFrak Organization of New York City has repositioned an office building here to 100% occupancy after buying it for $50 million in 2007 when the building was vacant. LeFrak, which owns the building in a partnership with Beverly Hills-based Kennedy Wilson, worked with L.A. Realty Partners to reposition the 12-story, 175,000-square-foot office building at 7060 Hollywood Blvd. as a class A property that reached its 100% occupancy with the signing of a lease by Minneapolis-based Buffalo Wild Wings Grill & Bar.

After LeFrak bought he building, it launched a complete interior/exterior renovation nearing $20 million, performing major renovations on the building including replacing all building systems, elevators, and installing 990 new windows. The company completed the work in mid-2009, during which time Rick Buckley, a principal with LA Realty Partners, was under way with a campaign to lease the building.

“The work was completed in 2009, following the meltdown in the economy, during arguably the toughest leasing market in recent memory, and the building is located in a submarket with shallow demand,” Buckley said. Nonetheless, L.A. Realty was able to identify and negotiate several long term leases with national credit tenants to fill the building.

ID Public Relations, a top tier Hollywood public relations firm, signed a lease to occupy a full floor of the building. Live Nation Entertainment Inc., the concert promoter and venue operator, signed a long-term lease in 2009 to occupy in excess of 100,000 square feet in one of the largest lease transactions in Los Angeles that year. Live Nation subsequently expanded again in 2010 adding an additional 50,000 square feet to grow from occupying seven to 10 floors in the building.

Buckley said the successful leasing of the building reflects the working relationship that exists between L.A. Realty Partners, the LeFrak Organization, Kennedy Wilson and the entire team that assisted on the project. He noted that LeFrak is actively looking for acquisitions of all property types in the West.