KBS Strategic Opportunity REIT will participate as a 70% equity partner in the joint venture (JV), which acquired this investment. The 1635 N. Cahuenga Building is a 34,711 square foot, multitenant office building located in the heart of Hollywood. The property was purchased in an off-market transaction, with favorable seller financing. Constructed in 1983 and renovated in 1997, the property is uniquely positioned as one of the only boutique office products available in the local Hollywood market and has attracted entertainment-oriented tenants who have contributed extensive improvements
Beautifully designed and decorated by award-winning architects and designers, the 1635 N. Cahuenga Building includes a wide array of creative amenities that cater to Hollywood tenants willing to pay premium rents. Examples include elaborate interior designs, impressive common area kitchens, multiple executive lounges, a 21-seat film screening room, a state-of-the-art recording studio, and VIP parking with a separate driveway where celebrity artists can escape the paparazzi. KBS and its JV partner plan to re-stabilize the property from its current occupancy of 39%, making use of a competitive basis, planned capital improvements, professional management and revitalization in the Hollywood office market.
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