New York’s Clarion Partners just bought the historic Eastman Kodak site in Hollywood from Lincoln Property Co. for $61.3 million in an off-market deal, The Real Deal has exclusively learned. Clarion paid almost $600 a square foot for the campus Lincoln redeveloped, a price which sources say is roughly on par with recent sales in the increasingly attractive office market.
The property was renamed the Hollywood Media Campus after Lincoln’s extensive renovations. It now encompasses 102,800 square feet of creative office space at 6700 Santa Monica Boulevard and 1017 North Las Palmas Avenue. The site became fully leased last year when film and TV services company SIM Group signed a long-term lease for 65,000 square feet of office, production and post-production space...
Overall rental rates for Class A projects in the Hollywood/Silverlake office submarket were $4.21 a square foot a month in the fourth quarter, a solid increase from $3.59 in the same period a year earlier, according to a report from Savills Studley. Rents are highest at the newest creative office projects, like Kilroy Realty Corp.’s Columbia Square complex, and, well, the Hollywood Media Center... Clarion Partners buys Hollywood Media Campus for $61.3M
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