Prime Hollywood Office Building Great Owner/User or Investment Opportunity 5735 Melrose Avenue, Los Angeles, CA 90038
Property Size 8,446 SF Land SF 11,480 SF Year Built/Renovated 1952/2008 Zoning LAC2 Parking 16 spaces Price $10,995,000 APN 5534-036-030
13 14 15 HC 12 11 10 1 2 3 4 5 9 8 7 6 First Floor PARKING SCREENING ROOM RESTRM PATIO TENANT SPACE MTG. AREA LIVING ROOM RECEPTION KITCHEN RESTRM LOBBY RESTRM CONFERENCE ROOM CONFERENCE ROOM CAFE FIRST FLOOR PLAN 3/32" = 1'-0" AREA SUMMARY (GROSS): FIRST FLOOR: SECOND FLOOR: TOTAL: 4764sf 3720sf 8484sf Second Floor OFFICE STAIR DOWN MECH. STOR. DESIGN STUDIO MTG. AREA RESTRM. BRANDING STUDIO RESTRM. OPEN TO BELOW RESTRM. STAIR DOWN MATERIALS LIBRARY
Hollywood Market Overview Situated in the city of Los Angeles, just north of downtown, Hollywood has long been known as the center of the entertainment industry and is undergoing a rebirth to solidify its position as a major employment, retail, and recreation center. As one of the fastest growing residential markets in the United States, public and private developers have recently invested $4 billion in the neighborhood, with new residential, mixed-use, and commercial projects redefining the area, indicative of Hollywood s revitalization success. The entertainment industry is the backbone of Hollywood s economy, home to one of the largest concentrations of entertainment and media companies in the world. Numerous major motion picture studios, television and radio studios, record companies, and post-production companies call the neighborhood home. With the iconic Hollywood sign overlooking the neighborhood on Mount Lee, Hollywood serves as the epicenter of Los Angeles tourism industry. More office space is under construction in Hollywood than anywhere else in Los Angeles County, attracting additional entertainment and media companies, as well as various corporate relocations. Area Facts: With the lure of a career in Hollywood, Los Angeles is one of the Top U.S. Cities where Millennials want to Live - Realtor.com. Viacom, Netflix, and Fender Guitar have recently relocated to Hollywood, set to occupy more than 568,000 square feet of space. Variety.com; Viacom.com/news. More office space is being built in Hollywood than anywhere else in Los Angeles County - Hollywood Chamber of Commerce. Demographics: 1st Largest City in California (Los Angeles). Hollywood s Median Age: 37. Hollywood s population is forecast to grow 4.6% over the next five years, outpacing the national average of 4.0%. 33% of residents ages 25 and older hold a bachelor s degree or higher, compared to 29% nationally. Hollywood s average household income is projected to reach $64,816 by 2022, up 10.9% from 2017.
Hollywood, California - Largest Employers KAISER PERMANENTE Los Angeles Medical Center (6,000 employees) UNIVERSAL STUDIOS (5,000 employees) *PARAMOUNT PICTURES (5,000 employees) CHILDREN S HOSPITAL Los Angeles (4,990 employees) *SUNSET GOWER / BRONSON STUDIO (2,500 employees) LOS ANGELES CITY COLLEGE (1,420 employees) HOLLYWOOD PRESBYTERIAN MEDICAL CENTER (1,200 employees) LIVE NATION (1,000 employees) J2 GLOBAL, INC. (860 employees) *THE PROSPECT STUDIOS (850 employees) Source: Hollywood Guide Outlook *Includes clients, employees, and tenants housed on-site and seasonal variations in employment
Entertainment THE PROSPECT STUDIOS Hollywood is known as the world capital for the entertainment industry and is responsible for $120 billion in total economic output. The entertainment industry in Greater Los Angeles supports over 162,000 direct jobs, 590,000 indirect jobs, and 85,000 independent contractors. The industry boasts an annual payroll in excess of $18.9 billion with salaried employees earning over $117,000 annually. Prominent Hollywood entertainment businesses include Paramount, CBS Studio Center, The Prospect Studios, CNN, Netflix, Viacom, Capitol Records, and Technicolor. 837,000 JOBS SUPPORTED Studios $ 117,000 AVERAGE ANNUAL SALARY $ 120 BILLION ECONOMIC OUTPUT PARAMOUNT PICTURES Hollywood is home to the largest number of television and cinema production centers in North America, with Los Angeles being home to 80% of all entertainment industry employers in the nation. All major U.S. television networks and movie studios including ABC, CBS, NBC, Paramount, Sony, Universal, and Warner Brothers have facilities located in the area. Paramount, remains the only major motion picture company to be headquartered in Hollywood and occupies 1.9 million square feet of executive office, sound, production, and equipment space. 1.9 MILLION SQUARE-FOOT STUDIO 80% OF INDUSTRY EMPLOYERS ARE LOCALLY BASED
Tourism HOLLYWOOD WALK OF FAME World renowned destinations including the Hollywood Walk of Fame, Universal Studios Hollywood, Hollywood Bowl, and Dolby Theatre, make Hollywood a tourism destination. Los Angeles hosted 47.3 million visitors in 2016, setting a new record and making it one of the most visited cities in the nation. The Hollywood Walk of Fame remains one of the most visited attractions in the world with over 10 million visitors annually. The hospitality sector supports over 509,000 local jobs and is one of the fastest growing employment sectors in the region. 47.3 MILLION ANNUAL VISITORS Employment Hubs 10 MILLION ANNUAL HOLLYWOOD WALK OF FAME VISITORS 590,000 JOBS SUPPORTED DOWNTOWN LOS ANGELES Hollywood is located within 10 miles of some of Greater Los Angeles largest employment centers, which encompass over 92.9 million square feet of office space. Located seven miles from Hollywood, Downtown L.A. is home to over 550,000 employees. Beverly Hills known as the luxury capital of the world is also home to prominent employers including Fox Interactive Media and Morgan Stanley. Burbank Media District is home to Warner Brothers, Walt Disney Studios, and NBC, three of the largest motion picture and television facilities in the world. 92.9 MILLION+ SQUARE FEET OF OFFICE SPACE WITHIN 10 MILES 550,000 DOWNTOWN L.A. EMPLOYEES
Contact: Jeff Pion Lic. 00840278 +1 310 550 2537 jeff.pion@cbre.com 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. Michelle Esquivel-Hall Lic. 01290582 +1 310 550 2525 michelle.esquivel@cbre.com CBRE, INC. Broker Lic. 00409987