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| Television Center, a nearly 200,000 square-foot creative office and production campus situated on 6.4 acres in the heart of the Hollywood submarket of Los Angeles, CA |
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| Bernard Huberman |
HOLLYWOOD, CA – BLT
Enterprises, a multi-faceted commercial real estate development and
investment company, has acquired Television Center, a nearly 200,000
square-foot creative office and production campus situated on 6.4 acres in the
heart of the Hollywood submarket of Los Angeles, California.
This ‘crown jewel’ property is steeped in
Hollywood tradition being the original headquarters of Technicolor, and the
studio lot for the silent film giant, Metro Pictures, the forerunner of
Metro-Goldwyn-Mayer.
The asset is bounded by five iconic streets
–Santa Monica Boulevard, Cahuenga Boulevard, Willoughby Avenue, Cole Avenue,
and Romaine Street, according to Bernard Huberman, Founder and President
of BLT Enterprises.
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| The original headquarters of Technicolor, and the studio lot for the silent film giant, Metro Pictures, the forerunner of Metro-Goldwyn-Mayer. |
“This was a once-in-a-generation opportunity to
acquire an asset of this scale in the Hollywood Media District, which is
undergoing a renaissance with the convergence of media and technology
companies,” says Huberman.
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| Brad McCoy |
“Prior
ownership did a phenomenal job of transforming the property from its original
uses, and we accept the passing of the baton and will continue the property’s
evolution to attract more TV, film and digital production tenants from both
traditional and streaming media companies, as well as innovative tech and
design professionals.”
Additionally, Huberman explains that the
opportunity to provide tenants with a large range of flexible office and
production space at this central location is in line with BLT’s strategy to
adapt to tenant needs over the long term, and could become more crucial in the
aftermath of the COVID-19 pandemic.
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| Dave Wilson |
“Further, the studio campus layout of the property, with gated
access, production facilities, almost 800 parking spaces and ample outdoor
amenity areas, is attractive to both small tenants and enterprise users.”
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| Aaron Wilder |
This acquisition comes on the heels of the
firm’s purchase of a four-stage studio lot adjacent to Television Center last
year and the establishment of BLT Studios, serving
production clients throughout the area. Earlier this year, BLT also acquired
two other creative office projects within a half-mile of Television Center.
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| Patricia Shlageck |
BLT was represented by Brad McCoy, Dave
Wilson and Aaron Wilder of Lee & Associates, West LA, in this
transaction. They are also acting as advisors on leasing, repositioning and
development opportunities at Television Center, and at BLT’s other Hollywood,
Santa Monica and West Los Angeles projects.
Acquisition financing was arranged by Bryan Kenny
and Will James of Sunrise Mortgage, and title and escrow were handled by Mike
Slinger, Patricia Shlageck, and their teams at Chicago Title.
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| Bryan Kenny |
About
BLT Enterprises
Headquartered in Santa Monica, Calif., BLT Enterprises was founded in 1984 and is a multi-faceted real estate development and investment company with an exceptional track record of success in industrial and commercial real estate.
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| Will James |
BLT Enterprises specializes in the acquisition,
entitlement, development, operation, and property management of industrial,
office, retail, mixed-use and special-use properties.
With the acquisition, BLT now owns more than a quarter million square feet of office, production and studio space in Hollywood, with opportunities to expand the portfolio with approximately 200,000 square feet of untapped development.
