HOLLYWOOD-The owner of the landmark El Capitan Building at 6834-6838 Hollywood Blvd. has placed the property on the market and has tapped CB Richard Ellis to market the building, which debuted in 1926 as the first live theater in Hollywood. Building owner CUNA Mutual Group, a Madison, WI-based provider of financial services to credit unions, has enlisted senior vice president Tim Bower in the Beverly Hills office of CBRE to handle the disposition of the six-story 85,000-sf class A office building, legendary cinema and retail store that are part of the property.

The asking price for the property was not disclosed. Bower, who previously sold the Hollywood Palladium and is an authority on the Hollywood submarket, calls the El Capitan “a trophy asset with worldwide recognition.” The building is 100% occupied by entertainment industry tenants and was renovated by CUNA Mutual, which installed state-of-the-art mechanical systems and other upgrades, Bower notes. The El Capitan “brings a stable occupancy history and an opportunity for an investor to capitalize on long-term rent and absorption growth in Hollywood,” Bower says.

A National Historic Landmark, the El Capitan is located along the Hollywood Walk of Fame and is directly across from the Kodak Theater, where the Academy Awards are presented. It is close to some of the best-known tourist attractions in Hollywood, including Grauman’s Chinese Theatre, the Hollywood and Highland retail entertainment center, and a new Madame Tussauds that is soon to be completed.

The El Capitan’s theater is reportedly the highest grossing single screen theater in America, with more than 1,000 seats, state-of-the-art digital projection and sound systems, a refurbished 1928 Wurlitzer pipe organ and a movie screen that rises to reveal a 50-foot stage for live performances. Adjacent to the theater is Disney?s Soda Fountain and Studio Store, where patrons can purchase ice cream themed to the film currently playing in the cinema next door.

The theater has been restored to its original Spanish Colonial exterior, as originally designed by Stiles O. Clements, and its East Indian interior, as originally designed by G. Albert Landsberg. Between 1926 and 1936, more than 120 live plays were produced at the El Capitan, which included stars such as Clark Gable,Buster Keaton, Will Rogers, Douglas Fairbanks, Jr., Henry Fonda, LonChaney, Jr., and Jason Robards. The theater was also the site of the world premiere for Orson Welles’ Academy Award-winning “Citizen Kane.”

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