LONG BEACH, Calif., June 15, 2021 /PRNewswire/ — As the streaming media boom accelerates and drives demand for creative office space, Harbor Associates, LLC ("Harbor") has completed renovations and re-introduced a 75,716 square foot creative office building to the well-established Los Angeles media and entertainment submarket of Universal/Studio City. Harbor’s 4130 Cahuenga Boulevard (https://www.4130Cahuenga.com/) wrapped up an award winning $3.5 million renovation last month and is already in discussions with several production companies to take space in the building.
Harbor, in joint venture with The Bascom Group, LLC, acquired the Toluca Lake office property located at 4130 Cahuenga Boulevard with the plan of repositioning the asset to appeal to a broader media tenant base in adjacent Burbank and Hollywood. Improvements included a complete exterior redesign, new building lobby and corridor upgrades, private outdoor patio seating, secured parking with full time attendant, bike room, and spec suites with polished concrete and exposed ceilings.
In recognition of the stunning modern office renovation, the San Fernando Valley Business Journal Commercial Real Estate Awards recently awarded 4130 Cahuenga as the "Best Office Project" Gold Award for 2020 (https://www.sfvbj.com/news/2021/mar/03/commercial-real-estate-awards-celebrate-winners-to/).
Situated adjacent to Universal Studios and minutes from Netflix, Warner Brothers, Disney, and CBS, 4130 Cahuenga offers unbeatable access and visibility to the media and entertainment industry throughout Burbank, North Hollywood, Studio City and Hollywood. The building features high volume space with abundant natural light, editing bays, secure access to outdoor spaces and balconies. Minutes from the Metro Red Line with direct access to Union Station, and steps to Toluca Lake and Lakeside Golf Club, the project offers a broad array of retail, shopping and dining amenities as well as executive and multi-family housing.
Although the pandemic emptied offices, video-on-demand streaming created an insatiable appetite for media real estate such as studios and offices. Netflix alone plans to spend more than $17 billion on new content. Burbank, a huge beneficiary of the streaming wars, has had an incredible year boosted by Netflix’s new 171,000-square-foot lease at Burbank Empire Center for an animation studio. Comcast leased a building at Victory Media Campus, and Disney has continued to lease a significant amount of space throughout the city, including a 425,000-square-foot renewal on Alameda Avenue.
"In addition to a handful of spec suites that we delivered through the renovation ranging from two to five thousand square feet, we also have one of the few multi-floor blocks of space available in the market geared towards a larger media and entertainment user that features double-height ceilings, editing bays, a screening room, above standard power, and private balconies with incredible views towards Universal City or Burbank," said Harbor Principal Joon Choi. "Even before renovations were complete, we have received leasing proposals on over 35% of the building as the demand for content creation has grown and production is picking up, interest in studio space and post production has been leading the charge for office leasing locally."
The building’s central location, design and functionality have contributed to the recent leasing interest, according to Harbor Principal Paul Miszkowicz. "The exterior façade renovations helped enhance building and signage visibility – perfect for brand exposure" said Miszkowicz. Prominent visibility for company signage is available along the highly trafficked Cahuenga Boulevard.
Harbor Associates and Bascom Group have been one of the most active value add buyers of office properties in Southern California having built a portfolio of 29 office buildings over the last six years that comprise more than 4.0 million square feet of space. "Despite the pandemic and lack of office sales transactions, we have a robust pipeline of activity behind this transaction and look forward to continuing to build our Southern California portfolio," added Bascom Managing Partner Jerry Fink.
About Harbor: Harbor Associates, LLC (www.harborassociates.com) is a value-add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California and Denver. Harbor has been involved in the renovation, repositioning and development of 29 office projects totaling over 4.0 million square feet with a portfolio value in excess of $1.0B. The company is a joint venture with The Bascom Group, LLC.
About Bascom: The Bascom Group, LLC (www.bascomgroup.com) is a private equity firm specializing in value-added multifamily, commercial, and non-performing loans and real estate related investments and operating companies. Bascom sources value-added and distressed properties including many through foreclosure, bankruptcy, or short sales and repositions them by adding extensive capital improvements, improving revenue, and reducing expenses by realizing operational efficiencies through implementation of institutional-quality property management. Bascom, founded by principals Jerry Fink, David Kim, and Derek Chen, is one of the most active and seasoned buyers and operators of apartment communities in the U.S. Since 1996, Bascom has completed over $21.7 billion in multifamily and commercial value-added transactions including more than 653 multifamily properties containing over 173,000 units. Bascom has ranked among the top 50 multifamily owners in the U.S. Bascom’s subsidiaries and joint ventures include the Bascom Value Added Apartment Investors, Shubin Nadal Associates, Spirit Bascom Ventures, REDA Bascom Ventures, Bascom Northwest Ventures, Bascom Arizona Ventures, Harbor Associates, Village Partners Ventures, and the Realm Group. Bascom’s subsidiaries also include Premier Workspaces, one of the largest privately held coworking company in the U.S.
SOURCE The Bascom Group