Columbia Square sale continuing Hollywood renaissance.

SUNSET Boulevard's Columbia Square may soon become an even tonier Hollywood address now that property owner Sungow LLC has sold the historic CBS broadcasting complex to Las Vegas-based developer Molasky Pacific LLC.

Lynwood Fields, partner at Madison Partners, arranged the $66 million sale of the 125,000-square-foot commercial space, which sits on 4.69 acres at 6121 Sunset Blvd.

Molasky Pacific, which has offices in Santa Monica, has done a variety of residential and retail development over the past two decades, but more recently has focused on adaptive reuse projects redeveloping former retail, hotel and industrial sites.

"Hollywood's renaissance continues with an abundance of new residential and Commercial development coming on-line," Fields said. "This property offers a rare opportunity to breathe new life into a relic of the golden age of Hollywood."

Randall Reel, the Molasky senior vice president who led negotiations for the deal, said the firm will work with the city to determine the best mix of uses for the site.

Columbia Square was built in 1938 as a CBS radio studio, and was considered the most technologically advanced facility of its type at the time. In later years, classic television shows such as the "Jack Benny Show" and the "George Burns & Gracie Allen Show" were broadcast there. Radio station KNX-AM (1070) already has relocated to new studios on Wilshire Boulevard's Miracle Mile, with KCBS-TV (Channel 2) and KCAL-TV (Channel 9) scheduled to move next to CBS Studio Center in Studio City.