The CIM Group, which also owns the adjacent Hollywood & Highland Center, has been interested in acquiring the theater property since it bought Hollywood & Highland in 2004, according to John Given, a principal at CIM. CIM Group acquired Grauman's from the Damon Runyon Cancer Research Center and Barlow Respiratory Hospital.
Built in 1927 by Sid Grauman, the theater has long been a showcase for Hollywood movie premieres. The 1,162-seat, 43,310-sf theater is operated under an existing long-term lease with Mann Theatres and remains one of the top venues for high-profile movie premieres. With more than 200 celebrity hand and foot prints, its Forecourt of the Stars attracts approximately 19 million visitors each year.
CIM calls its new acquisition "one of the most recognizable buildings in the world." The building is known for its 90-foot pagoda-style entrance and a 30-foot high dragon carved from stone by Chinese artisans that Grauman enlisted to create the statuary for the theater.
Terms of the theater sale were not disclosed. The sellers were represented in the transaction by Chris Hoffman and Rikki Keating of Eastdil Secured.
CIM's Given says that the new acquisition is a complementary fit to the company's adjacent Hollywood & Highland Center and the Renaissance Hollywood Hotel. The Hollywood & Highland Center comprises 387,000 sf of national and local fashion and luxury retailers, along with clubs, restaurants and the 3,400-seat Kodak Theatre.
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