Done Deals: Grubb & Ellis Represents Milk Studios in 46,500-SF Lease in Los Angeles

Thursday, February 19, 2009

Grubb & Ellis Represents Milk Studios in 46,500-SF Lease in Los Angeles

LOS ANGELES, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, represented the Milk Group, a prestigious New York-based photography studio, in a 30-year lease for 46,500 square feet of creative space at 855 N. Cahuenga Blvd.

The industrial/R&D building will house the Milk Group’s new home on the West Coast.

The prestigious address was formerly the original Technicolor Studios,(top right photo) built in 1947 to facilitate neighboring Paramount Studios.

Located in the heart of Hollywood’s classic photo district, the newly acquired space will be the second location of Milk Studios and House Production and Casting. The new location is slated to open in June 2009 following an extensive renovation and rehabbing of the property.

Neil Resnick, (middle left photo) executive vice president, Martin McDermott, (middle right photo) vice president, and Nicole Gregoire, associate, of Grubb & Ellis represented The Milk Group in the transaction, conducting an exhaustive search for the right space that took close to 12 months to complete.

Resnick is well known throughout the Los Angeles commercial real estate market for representing entertainment and creative firms. McDermott is considered one of the foremost authorities on the Hollywood office and creative space market. Robert Waller of CB Richard Ellis represented the lessor, a private family trust.

Building upon the success and growth of the New York-based photography studio, Milk Studios partner and creative director, Mazdack Rassi, and partners Erez Shternlicht and Moishe Mana made the decision to expand into the LA market.

They received the advice and support of Dwayne Gathers, formerly with the Los Angeles County Economic Development Corporation, who advised on government regulatory, community relations and tax issues.

Since its inception in 1998, Milk stands at the forefront of the worlds of photography, fashion and art. The Milk Group of companies includes Milk Studios, Milk Gallery, Formula Studios, Milk Equipment Rental, Milk Digital and House Production & Casting.

The much anticipated launch of Milk Studios and House Production & Casting in Los Angeles will be one of the Milk Group’s largest developments and a boon to the ever-growing photography and fashion community in Los Angeles.