LOS ANGELES-Hudson Pacific Properties Inc. has purchased the 205,522-square-foot office building at 6922 Hollywood Blvd. for $92.5 million in the Hollywood district of this city. The sale price includes assumption of a $42.2 million loan. The seller of the 12-story building was CIM Group, one of the largest office and retail landlords in Hollywood.

The purchase is the fourth Hollywood property that Hudson Pacific has bought in the past year, and the company’s seventh acquisition in the same period. The latest Hollywood buy builds on “the burgeoning presence of the media and entertainment industries in this submarket,” said chairman and CEO Victor J. Coleman in a statement.

The building is currently 100% leased to a mix of media, entertainment and retail tenants, with an average remaining lease term of approximately seven years. Tenants include Trailer Park, the largest entertainment marketing and content agency in the world, and J2 Global Communications. The property is also the headquarters for the seller, CIM Group.

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Situated on 1.43 acres, the property includes 171,828 square feet of office space and 33,694 square feet of street-level retail space. Built in 1967, the building was renovated between 2005 and 2007 by the prior owners, which invested nearly $5 million in the lobby, the elevators and the roof.

Hudson Pacific owns and operates office buildings with a concentration of entertainment and media tenants in select California markets including the East Bay, Los Angeles, Orange County, San Diego, San Francisco and Silicon Valley. The company’s portfolio is currently about 4.4 million square feet. Since the end of the tax year 2010, the company has operated as a REIT.

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Hudson Pacific Pays $93M for Hollywood Office Tower

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