High-priced Hollywood.The latest Hollywood office building transaction has set a new high-water mark high-water mark n. 1. Abbr. HWM A mark indicating the highest level reached by a body of water. 2. The highest point, as of achievement; the apex. , putting the submarket's prices on par with recent sales of Westside properties. The owners of the Los Angeles Film School and the Los Angeles Recording School The Los Angeles Recording School is located in Hollywood, California on Sunset Boulevard. The school provides hands-on training in professional music recording, audio engineering, and audio production techniques. bought the 100,000-square-foot Klasky Csupo building at 6353 Sunset Blvd. for $40 million, or about $400 a foot. Full Sail Real World Education, the owners of the Film and Recording schools, plan to expand the film school operation into the new building and also to relocate the recording school into the structure from a few blocks away. Buying the Klasky Csupo building is the second recent building purchase for the school. In December 2004, Full Sail Real World Education purchased the building at 6363 Sunset Blvd., where the school has been operating for the last six years. "The building acquisition not only represents our ability and willingness to expand in an effort to provide superior education, but this extraordinary building offers a remarkably creative and artistic environment," said Diana Derycz-Kessler, who serves as the schools' chief executive. "It truly captures the spirit of our institutions." The $400-a-foot pricetag is a $140 a foot increase from the prior record. In August, the House of Blues House of Blues (HOB) is a chain of music halls and restaurants founded in 1992 by Hard Rock Cafe founder Isaac Tigrett and his friend and investor Dan Aykroyd. It is a home for live music and southern-inspired cuisine, whose clubs celebrate African-American culture, specifically office building was sold to CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. Investors for $83 million, or about $260 a foot. Early last year, CIM (1) (Computer-Integrated Manufacturing) Integrating office/accounting functions with automated factory systems. Point of sale, billing, machine tool scheduling and supply ordering are part of CIM. Group Inc. paid $227 a foot for the Stephen J. Cannell Stephen Joseph Cannell, (born February 5, 1941; IPA pronunciation: ['kænəl], rhymes with "channel"), is an Emmy award winning American television producer, writer, novelist and occasional actor. building at 7083 Hollywood Blvd. and ScanlanKemperBard Cos. paid $170 a foot--or $37 million-in June 2004 for the CNN CNN or Cable News Network Subsidiary company of Turner Broadcasting Systems. It was created by Ted Turner in 1980 to present 24-hour live news broadcasts, using satellites to transmit reports from news bureaus around the world. building at 6430 Sunset Blvd. Portland, Ore.-based ScanlanKemperBard recently put its CNN Tower back on the market. At the new high-water rate, the roughly 200,000-square-foot building at 6430 Sunset Blvd. could be worth $80 million. Vacancy rates at Hollywood office buildings dropped to single-digits by the end of last year from nearly 20 percent three years earlier. At the end of December, average asking rents in Hollywood were $2.54 a foot, while during the same period a year earlier the rents were 10 cents a foot cheaper. |
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