589 11th Avenue
US - New York, NY
$9,850,000 | 15,750 sf
JLL, as exclusive advisor, is pleased to offer qualified investors the opportunity to
acquire the fee simple interest in 1601 Vine Street (the “Property” or “1601 Vine”),
an 8-story, 115,589 SF, Trophy Class A, LEED Gold Certified, office building in the
heart of the entertainment capital of the world, Hollywood, California.
Delivered in 2017, the newly constructed Property is well located and proximate to
an unmatched concentration of studio infrastructure, media companies, housing
and walkable amenities. WeWork has leased the majority of the Property through
September 2030 and attracts Enterprise users and business people from all
aspects of the tech and media ecosystem. The ground floor retail space is leased
to City National Bank, bringing the Property to 100% occupancy.
2017 Delivered Trophy Office Building featuring 14' slab-to-slab
ceiling, 5 levels of subterranean parking, limestone lobby with
terrazzo flooring, floor-to-ceiling windows and a discount to today's
Unmatched Location on the corner of Vine Street and Selma
Avenue, on the Hollywood Walk of Fame. The Property boasts
a walk score of 98 and is surrounded by some of the best retail
amenities and nightlife that Los Angeles has to offer.
Stabilized Tenancy with ±8 Years of WALT. 1601 Vine is 100%
leased to leading coworking tenant, WeWork, and investment grade
credit, City National Bank.
Significant Parking Revenue Upside with office and afterhours
utilization. Both office tenants and area tourists utilize the Property’s
garage during and after working hours. Current utilization is trending
positively and has 26% upside to reach pre-pandemic levels.
Building Signage Upside with ±64,000 average daily traffic count
passing through Vine St. and Selma Ave. Adjacent properties have
benefited from additional signage revenue streams in one of Los
Angeles’ two signage districts.
Robust Demand from Media and Entertainment Industry with
iconic tech and media companies such as Netflix, Viacom, Fender,
Sunset Bronson, Sunset Gower Studios, and Paramount continue to
invest in the area.
Increasing Content Creation Budgets from top streaming
companies will continue to fuel office demand. One job on the
studio lot equates to eight office jobs off the lot.
Strong Hollywood Market Fundamentals with 7 consecutive years of
positive net absorption prior to Covid and unmatched performance in
newly delivered office product.
Barriers to Entry: 85% of the Class A product in Hollywood is controlled
by long-term institutional holders, leaving very few opportunities to
own iconic assets in one of nation’s top media markets.