NY-based Tishman Speyer has purchased the CNN Building at 6430 West Sunset Blvd. in Hollywood for more than $127-million, or more than $600 a square foot, from Palo Alto-based investment firm Broadreach Capital Partners. Broadreach originally acquired the property in April 2006 for $50 million. HFF's Todd Tydlaska and Andrew Harper represented Broadreach in the sale, with leasing guidance from Madison Partners' Steven Salas, Tony Ranger and Joe King. Tishman Speyer was self-represented in the acquisition.
"We're pleased to add this extremely well-located asset to our Los Angeles office portfolio," Rob Speyer, Tishman Speyer's president and chief executive officer, said in a prepared statement. "In particular, we continue to be very bullish on the Hollywood submarket as one of the key areas attracting growing companies with employees who want to live and work in a vibrant 24-hour community."
The 15-story tower was originally constructed in 1986, renovated in 2001, and awarded LEED certification by the U.S. Green Building Council in 2013. The property was 84% leased at the time of sale, with the tower now anchored by CNN's parent company Turner Broadcasting System, the movie-trailer-maker BLT & Associates, and advertising agency Oxford Road. Tishman Speyer plans on raising rent at the 204,122-square-foot Class A office property, sources tell the Real Deal; a five-story parking structure is adjacent to the tower.
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