Avison Young recently closed the $23-million sale of a five-story, 39,248 square foot office building located at 1777 Vine St. in Hollywood’s downtown core. Across the street from Capitol Records, the property is fully occupied by AMDA College of Performing Arts who executed a sale-leaseback agreement at close of escrow with an 18 year lease term. Managing director Chris Bonbright and VP Chase Gordon represented AMDA while Craig White from Sotheby’s International Realty represented J&L Realty Partners as buyer.
Bonbright noted that this was “a rare opportunity for an investor to own an asset on the world famous Walk of Fame” and that multiple parties were interested but J&L was able to move quickly enough to beat Measure ULA going into effect. The property was built in 1962 with renovations completed in 2014 providing further value for investors looking for long term stability on one of Los Angeles’ most iconic streetscapes .
