{"id":1004094252,"date":"2014-04-08T05:23:28","date_gmt":"2014-04-08T13:23:28","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=252101"},"modified":"2022-03-04T16:58:51","modified_gmt":"2022-03-05T00:58:51","slug":"brentwood-capital-partners-sells-iconic-citizen-news-building-in-hollywood","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/brentwood-capital-partners-sells-iconic-citizen-news-building-in-hollywood\/","title":{"rendered":"Brentwood Capital Partners Sells Iconic Citizen News Building in Hollywood"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

A historic Los Angeles office building was the object of one of the most recent real estate transactions to take place in the city. Buyer SE Edinger LLC paid a fee of $14.5 million for the Hollywood property. The property was sold by Brentwood Capital Partners, a full service real estate investment, development and management company. The two parties involved in the transaction were represented by Industry Partners and Coldwell Banker Commercial WESTMAC. <\/span><\/p>\n

The subject of this transaction is t\"\"<\/a>he home of Hollywood\u2019s first ever newspaper, the Citizen News Building. The aging property offers the new owner a 48,900 square-foot office asset in a prime location at 1545 Wilcox Avenue at the intersection of Hollywood Boulevard and Highland Avenue. The 1930-built art deco styled property is the result of architect Francis D. Rutherford\u2019s design. According to rentv.com<\/em><\/a>, the building that housed the local Citizen News newspaper between 1935 and 1968, has gone through a multi-million dollar renovation process in 2006 that was meant to reposition the building and make it attractive to the demand from tenants in the media and entertainment sectors.<\/p>\n

Given the recent upswing and demand for creative office space in the greater Los Angeles market, the property\u2019s 16-foot high ceilings, skylights, operable windows and polished concrete floors have been great assets in the process of signing tenants. At the time of the transaction, the building had a six percent vacancy rate, placing it in the upper tier of office properties in the area. The Citizen News Building\u2019s tenant roster includes names such as Larson Studios and Partizan Entertainment, confirming the interest of the entertainment industry in properties of this type.<\/p>\n

Image courtesy of bcpmgt.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

A historic Los Angeles office building was the object of one of the most recent real estate transactions to take place in the city. Buyer SE Edinger LLC paid a fee of $14.5 million for the Hollywood property. The property was sold by Brentwood Capital Partners, a full service real estate investment, development and management company. The two parties involved in the transaction were represented by Industry Partners and Coldwell Banker Commercial WESTMAC.<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1594,21742],"tags":[1815],"class_list":["post-1004094252","post","type-post","status-publish","format-standard","hentry","category-los-angeles","category-latest","tag-national"],"acf":[],"yoast_head":"\nBrentwood Capital Partners Sells Iconic Citizen News Building in Hollywood - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/brentwood-capital-partners-sells-iconic-citizen-news-building-in-hollywood\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Brentwood Capital Partners Sells Iconic Citizen News Building in Hollywood\" \/>\n<meta property=\"og:description\" content=\"A historic Los Angeles office building was the object of one of the most recent real estate transactions to take place in the city. 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