The sale, reported previously on GlobeSt.com, includes the Renaissance Hollywood Hotel and the Kodak Theatre, home to the annual Academy Awards. CIM Group acquired the property through its CIM Urban Real Estate Fund.
The purchase of the Hollywood & Highland complex, which opened in November 2001, increases CIM's Hollywood presence to eight properties with approximately 1.7 million sf, most of which surround Grauman's Chinese Theatre. Shaul Kuba, principal and co-founder of CIM Group, calls the company's latest acquisition a "one-of-a-kind project that already has made a huge difference in the outlook for Hollywood Boulevard."
Hollywood & Highland consists of more than 387,000 sf of retail space leased to national, regional and local retail tenants, a variety of restaurants, several of Hollywood's hottest nightclubs, and a six-screen movie theater complex adjacent to Grauman's Chinese Theatre. The complex also contains 65,000 sf of indoor and outdoor banquet facilities for conferences. Along with the Academy Awards and other awards shows, the 180,000-sf Kodak Theatre offers a year-round program of concerts, Broadway shows and theatrical events.
Trizec says the sale of the Hollywood property sale marks the completion of its transformation to a REIT specializing in office properties.
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