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Sale-Leaseback on Hollywood Walk of Fame Beats the Clock on Measure ULA
Avison Young completed the $23-million sale of a five-story 39,248-square-foot office building located at 1777 Vine St. in Hollywood’s downtown core. Located directly across the street from the iconic Capitol Records building, the property is fully occupied by the seller, AMDA College of the Performing Arts. AMDA executed a sale-leaseback agreement at the close of escrow, signing an 18-year lease.
Managing director Chris Bonbright and VP Chase Gordon, both based in Avison Young’s Los Angeles North office, represented AMDA. The buyer, J&L Realty Partners, was represented by Craig White of Sotheby’s International Realty.
“This was a rare opportunity for an investor to own an asset on the world-famous Walk of Fame,” said Bonbright. “There were multiple parties interested, but J&L was able to move quickly and close before Measure ULA went into effect.”
The property was built in 1962, with renovations completed in 2014.
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- ◦Sale/Acquisition
