According to Madison Partners principal Bob Safai, who represented seller Broadstone Hollywood LLC in the sale, the 12-story office building is the largest block of such space available in Hollywood. LeFrak represented itself in the deal, which was an off-market transaction.
LeFrak plans an extensive renovation of the building and anticipates completing the upgrades in early 2008 to bring the property to class A standards, according to Safai. He notes that the location is about two miles northeast of the Hollywood (101) Freeway.
Safai says that the building, which sits on a parcel of about three-fourths of an acre, occupies substantially the entire site. Besides its frontage on Hollywood Boulevard, it stretches for 330 feet of frontage along Sycamore Avenue.
LeFrak has enlisted the Madison Partners team of Steve Salas, Joe King and Rick Buckley for leasing of the building, which was formerly owned by Alliance Residential and had been planned as a 140-unit condominium conversion. The latest market report from CB Richard Ellis, for the second quarter, shows the vacancy rate at 7.1% in the Hollywood office market.
The low office vacancy rate in Hollywood reflects the renaissance and redevelopment along Hollywood Boulevard and other commercial corridors in the submarket. As a result of the redevelopment, demand for all types of space has increased dramatically as the revitalization has progressed in recent years.
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