NGKF Capital Markets has completed the sale of a five-story, 103,154-square-foot Class A office building located at 3330 Cahuenga Boulevard West in the Universal City submarket of Los Angeles.
NGKF Capital Markets’ President, West Coast Capital Markets Kevin Shannon, Senior Managing Director Rob Hannan, and Managing Director Michael Moll, along with local market leasing team, Rob Erickson and Trevor Belden of Industry Partners, represented the seller, Blackstone. The buyer was Los Angeles-based 4M Investment Corporation.
The property is 98 percent leased to a multi-tenanted rent roll including Extreme Reach, Inc., Panasonic, EPS-Cineworks, and Abominable Pictures. 3330 Cahuenga offers high visibility, unobstructed views, a 3.8/1,000-square-foot parking ratio, and proximity to major studios in the vicinity that promote a strong business-to-business environment.
“This is an institutional asset that offers tenants creative spaces as well as a location that is near a concentration of entertainment and tech firms in the neighboring Burbank and Hollywood markets,” said Shannon. “The property offered the buyer the opportunity to add value by implementing a modest renovation plan and bringing rents to market rates as leases expire.”
Shannon observed that Class A office vacancy in the Universal City submarket is currently at 2.7 percent, providing even further testimony that the property will likely experience sustained tenant demand and near-term rental growth.
Built in 1988, 3330 Cahuenga has prominent visibility from the 101 Freeway and Cahuenga Boulevard. It is also proximate to the 134 and 5 freeways. The property offers access to nearby amenities including Universal Studios, Paseo de Cahuenga Park, Starbucks, Breakroom Café, Culinary Boutique, LA Fitness and Mercado, amongst others. It is also convenient to a number of major studios including NBC/Universal, ABC/Disney, and Warner Bros.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) 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/.