An underutilized 1980s office building near the Metro Rail station in North Hollywood has been sold for $45 million to a Beverly Hills real estate firm that intends to fix up the property and make it appealing for tenants in creative businesses.
Kennedy Wilson bought the four-story building at 5161 Lankershim Blvd. from Jamison Properties. It is at the intersection of Lankershim and Magnolia Boulevard in the NoHo Arts District, which has seen a surge of residential and retail development in recent years as part of a city drive to turn the neighborhood into a pedestrian-friendly urban village.
The 188,000-square-foot office building is more than half empty, according to real estate data provider CoStar.
Kennedy Wilson will upgrade common areas such restrooms, elevators and lobbies, the company said, and “aggressively” market the building to potential tenants.”
“We believe it has intrinsic characteristics that will allow it to strongly capitalize on the tenant demand created by the technology, media and entertainment industries that proliferate in the region and largely drive its economy,” said John Prabhu of Kennedy Wilson.
The building completed in 1985 has outdoor balconies and a courtyard.
Courtesy of Los Angeles Times