Newmark Completes Sale of Office Building in Hollywood, California for $25.5 Million

May 31, 2024 9:00 AM

Newmark[1] announces it has completed the sale of 7083 Hollywood Boulevard, a premier Class A value-add office investment property strategically located at the iconic intersection of Hollywood and La Brea in Los Angeles. The property sold for $25.5 million.

Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Rob Hannan, Ken White, Laura Stumm and Michael Moll represented the seller, Vanbarton Group. The buyer, purposefully undisclosed, acquired the property in an all-cash transaction.

The six-story building, comprising 86,606 square feet, was 52% leased at the time of sale and features 192 parking stalls. Positioned in the heart of Hollywood’s tech, media and entertainment district, 7083 Hollywood boasts an impressive Walk Score of 97, offering immediate access to a world-class amenity base.

“7083 Hollywood is yet another example of an owner-user taking advantage of heavily discounted pricing for office product,” commented Shannon. “Owner-users are typically all-cash buyers and can operate quickly, removing any debt hurdles and providing a higher certainty of execution.”

“With this sale, 86,000 square feet were removed from the Hollywood submarket’s inventory,” added Hannan. “The submarket just became tighter.”

The building features average floor plates of approximately 14,500 square feet and includes a walking bridge to the parking structure on the 2nd and 3rd floors. It also has prominent building signage, private tenant outdoor patios and ground floor retail opportunities. Furthermore, it offers easy access to the 101 freeway and is located less than half a mile from the Highland Red Line Metro Station, Los Angeles’ second most used metro line.

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.