Saturday, September 6, 2014

Avison Young completes $10-million sale of creative office property in Hollywood, CA


Martin McDermott
 Irvine, CA – Avison Young, the world’s fastest-growing commercial real estate services firm, announced it has completed the $10-million sale of a 19,750-square-foot (sf) creative office property in Los Angeles. The company also arranged the financing on behalf of the new buyer.

 Avison Young Principal Martin McDermott, based in the firm’s West Los Angeles office, represented the seller Hello and Company – a boutique production firm, which occupied the entire space.

 Avison Young Principals Christopher Bonbright and John Tronson, along with Senior Associate David Landau in the North Los Angeles office, represented the buyer – world-renowned conservatory and college, the American Musical and Dramatic Academy, College of the Performing Arts (AMDA).

Nick Roussos, a Vice-President in Avison Young’s Irvine, CA office who specializes in real estate debt, equity and structured capital, arranged the financing on behalf of AMDA.

John Tronson
Located at 1641 Ivar in the heart of Hollywood, the property now serves as a high-end creative space, but its past includes being host to the Bob Hope USO Special. 

Circling the property are two high-profile hotels – W Hotel and Redbury; a major development project, the Millennium Towers; Emerson College; the historic Sunset Gower Studios and other Hollywood attractions, retailers, popular restaurants and bars, apartment developments and creative-industry tenants.

 “We identified up front that this building was special and had potential, with the right marketing program, to achieve a new high point for Hollywood sales metrics,” comments McDermott. 

“Since we were able to generate multiple offers that were at, or close to, our asking price within weeks of launching the marketing program, we were then able to deliver to the seller not only a record price, but also the terms they wanted.”

Nick Roussos
“Arranging financing for this deal was very complex and could have been derailed without the financing expertise of our capital markets group,” adds Roussos.

“The buyer required a closing in less than 30 days, and being that the buyer was a non-profit entity, the loan had to be non-recourse. Furthermore, the borrower required a lenient prepayment penalty to retain the flexibility to refinance the purchased loan.

“Through deep-rooted lender relationships, I arranged a bridge lending source who delivered a loan that was ready to fund five days after first being presented with the buyer-specific loan requirements.”

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.

949.278.6224

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