More momentum.

CIM Group Inc. continues its fast-paced acquisition of all things Hollywood with the purchase of one of the submarket's top office properties.

The company is paying about $20 million for the 88,000-square-toot black glass building at 7083 Hollywood Blvd. with a roughly 250-space parking garage, according to Shaul Kuba, a CIM principal. The seller is Mar-Gulf Management Co. Inc., which developed the property in 1982.

The building, where TV producer Stephen J. Cannell keeps his offices and has naming rights, is about 100 percent leased. At rates of about $2.40 a foot, it commands some of the submarket's highest rents.

The building is also home to the Entertainment Industry Development Corp., a non-profit joint partnership of L.A. county and city that promotes and expedites local filming. Other tenants include Partizan Entertainment LLC and LegalZoom.com Inc., an Internet law firm.

"It's always been one of the best buildings in the market," said John Tronson, a principal at Ramsey-Shilling Commercial Real Estate Services. "It's got a fantastic location and it's relatively modern by Hollywood standards."

Kuba said CIM doesn't have any plans for the building, but wanted to acquire more Hollywood office space. "There's not much we need to do with it," he said. "We just want to run it the way it is. It's already a good building."

CIM already owns--and is headquartered in--the TV Guide building at 6922 Hollywood Blvd., another of the submarket's premiere properties. It also owns Hollywood & Highland and the Hollywood Galaxy, among numerous other boulevard properties.

Tronson said buyers are quick to nab any property that comes onto the market. Ramsey-Shilling just listed a 75,000-square-foot building at 6725 Sunset Blvd., where the Catalina Bar & Grill is located. The building's owner, Asset Management Consultants in Granada Hills, is asking $21 million for the property, which has an enclosed 225-space parking garage.

The building is 100 percent leased and has been fetching rents of about $2.15 a foot, Tronson said.

Staff reporter Andy Fixmer can be reached by phone at [phone], ext. 263, or by e-mail at [e-mail]. Orange County Business Journal staff reporter Matthew Padilla contributed to this column.