Tishman Buys CNN Tower from Broadreach Capital

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.

For more news and information visit Blumberg Partners.

NYL Buys Culver City Property for $131M

New York Life Real Estate Investors, a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company, announced this week that it had closed on the acquisition of a two-building office property in Culver City, California for $131.25 million, or $296 a square foot. The property was sold by Chicago's Pearlmark Real Estate Partners, who originally purchased the property for $275 per square foot in 2008 from Arden Realty Inc. Bob Safai of Madison Partners represented Pearlmark in the transaction, while New York Life represented itself.

"The 400 and 600 Corporate Pointe properties represent an excellent opportunity to invest in two high quality assets. We plan to upgrade and re-position the two buildings so that they will continue to attract top tier tenants from within the Los Angeles market," said Chris Hunt, senior director at New York Life Real Estate Investors.

"Once refreshed, these buildings will be well-positioned to take advantage of the tremendous demand from technology, media and content companies expanding in the Playa Vista area," added David Binswanger of Lincoln Property Company who will manage the properties for New York Life Investors.

Situated in the prime Lower Westside market area and constructed in 1987 and 1989, 400 and 600 Corporate Pointe consists of two separate, class A office towers totaling 443,705 rentable square feet, along with two on-site parking garages offering a total of 1,584 parking spaces. 400 and 600 Corporate Pointe have a diverse rent roll with notable national, regional and local tenancy including ADP, Sony, Schwarzkopf Professional, ITG Software, Premier Office Centers, Colonial Life, and Antioch University.

For more news and information visit Blumberg Partners.

CIM Group Sells Hollywood HQ to Hudson Pacific

Hudson Pacific Properties announced this month that it had purchased 6922 Hollywood Boulevard in Hollywood, California from CIM Group for $92.5 million, or $450 per square foot. Sean Sullivan of Eastdil Secured negotiated for the seller and Bob Safai with Madison Partners represented the buyer.

"We are excited to add this highly regarded property to our growing portfolio of quality office assets," said Victor J. Coleman, Chairman and Chief Executive Officer of Hudson Pacific Properties, Inc. "This transaction marks our fourth Hollywood property and seventh acquisition in the last twelve months, as we build on the burgeoning presence of the media and entertainment industries in this submarket."

Commonly known as the TV Guide Hollywood Center and headquarters for CIM's corporate operations, the 12-story 205,522-square-foot office building is fully leased to a mix of media and entertainment tenants including Trailer Park, a movie trailer post-production studio and advertising agency, and J2 Global Communications, the owner of the eFax and KeepItSafe brands according to a CoStar report.

For more news and information visit Blumberg Capital Partners.