Post Courtesy of The Real Deal Los Angeles:
The duo paid $30M for a nearly fully leased property on Lankershim Boulevard, after buying Academy Tower a mile away
TRD LOS ANGELES /November 08, 2019 02:00 PM
By Pat Maio
A joint venture of Rockwood Capital and Artisan Realty Partners teamed up to buy another North Hollywood office complex from Swift Real Estate Partners. For the latest deal, the duo paid $30 million for 4640 Lankershim Boulevard in the NoHo Arts District. That works out to $406 per square foot for the 74,000-square-foot building that is nearly fully leased. Tenants include marketing and entertainment firm Herzog & Co., and Hollywood Home Health Services. Kevin Shannon and his team at Newmark Knight Frank represented Swift and announced the deal for the 37-year-old building. North Hollywood, along with Burbank and Hollywood have experienced “tremendous rental rate acceleration,” Shannon said in a statement. This is the second complex that Rockwood Capital and Artisan Realty have bought from the San Francisco-based Swift in the last two months. In August 2019, they paid $91.25 million [corrected] for Academy Tower, about a mile away at 5200 Lankershim Boulevard. That deal penciled out to $497 per square foot [corrected] for the two-building, 184,000-square-foot property [corrected]. That made it one of the priciest real estate deals in NoHo.Office properties in North Hollywood have been in high demand in recent months. In May, New York Life Real Estate Investors paid $102.5 million for 5161 Lankershim Boulevard. Boston-based Beacon Capital Partners sold the 205,000-square-foot building.