Irvine-based Crown Realty is shopping a five-story Hollywood office building on W. Sunset Boulevard. Sources said the owner wants a price tag in the “high $30 million range” for the property.
Crown acquired the 74,000-square-foot property for $19.5 million in 2005, according to Real Capital Analytics. Newmark Knight Frank’s capital markets team, led by Kevin Shannon, is marketing the property on Crown’s behalf.
The Class A building at 6725 Sunset Boulevard was built in 1963 and was last renovated in 2002. The L-shaped structure is 100 percent leased, according to marketing materials. Tenants include independent film studio Epic Pictures Group and various technology firms, according to PropertyShark.
The average asking rent in Hollywood was $4.14 per square foot a month in the first quarter of 2017, according to marketing materials. Recent office building sales in the neighborhood include the record $5.1 million sale of movie mogul Daniel Lin’s creative office building at 755 Seward Street, which sold in January for a record $850 per square foot.
Meanwhile, the area surrounding the property is quickly evolving.
Nearby on Sunset, the CIM Group is selling the 286-room James hotel for about $280 million to Barry Sternlicht’s Starwood Capital, The Real Deal reported in April.
The Millennium Hollywood project near the intersection of Hollywood Boulevard and Vine Street is slated to comprise a pair of towers with nearly 500 condo units, as well as retail and office space.