Los Angeles, CA -- Newmark Knight Frank (NKF) has brokered the sale of a 73,972-square-foot, six-story, multi-tenant office building located at 4640 Lankershim in North Hollywood, CA for $406 per square foot, totaling $30 million.
NKF's Co-Head of U.S. Capital Markets Kevin Shannon, Rob Hannan, Laura Stumm, Ken White, and Mike Moll represented the seller, Swift Real Estate Partners. The buyers, Rockwood Capital and Artisan Realty, were self-represented.
Built in 1982, the property is 98 percent leased to a number of prominent entertainment industry tenants, as well as a diverse set of financial, educational, and professional services companies. Swift Real Estate Partners repositioned the project after its October 2017 acquisition, which included restroom and lobby renovations and the creation of a large outdoor lounge, which helped quickly bring the project's occupancy up from 70 percent to stabilization.
This transaction marks the second North Hollywood acquisition for Rockwood Capital and Artisan Realty. In August 2019, the same seller and buyer transacted Academy Tower, a Class A, two-building property at 5200 Lankershim, for $520 per square foot or $121.25 million.
"North Hollywood has experienced tremendous rental rate acceleration alongside the adjacent submarkets of the Burbank Media District and Hollywood," said Shannon.
Hannan added, "Few markets in Los Angeles offer NoHo's rail-served, 'live-work-play' environment, which has clearly resonated with tenants and capital, alike."
About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 16,000 professionals operate from approximately 430 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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