NGKF Capital Markets has completed the $61.5 million sale of The Academy Tower, a Class A, two-building property totaling 175,175-square-feet within the Arts District of North Hollywood (NoHo).
Sean Fulp, Kevin Shannon, Brad Burton, and Rob Hannan of NGKF Capital Markets in Los Angeles represented the seller in the transaction. The buyer, Swift Realty Partners, represented itself. David Milestone and Scott Selke of NGKF Capital Markets will be arranging the debt on behalf of the buyer. Matthew Heyn and Troy Pollet of CBRE provided leasing support.
The Academy Tower is 80 percent occupied by 17 tenants with the majority of them in the film, tech and television industry sectors.
“The property offers Swift upside via lease up of the vacant space, as well as through its repositioning plan for the project,” said NGKF’s President of West Coast Capital Markets, Kevin Shannon.
“The NoHo district is an economical alternative for companies seeking Class A office space in the pricier Hollywood submarket,” noted Executive Managing Director of NGKF Capital Markets, Sean Fulp. “Additionally, NoHo is extremely supply-constrained with high barriers to entry for new office development. Because The Academy Tower is one of only three Class A office projects within the submarket, the new ownership will enjoy a significant share of the market now and well into the future.”
Built in 1991 and situated on 2.93 acres, The Academy Tower is located at 5200 Lankershim Blvd. It is comprised of a 161,855-square-foot, eight-story building; a one-story building totaling 13,320 square feet; and a 618-stall parking structure. The property is near the Burbank Media District and is less than four miles from the Hollywood Burbank Airport. Additionally, it provides excellent access to the 134, 170 and 101 freeways, and is located just one block from the NoHo Metro subway station.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.