Renovated Hollywood Office Secures $28M Refinance From Global Atlantic
The property includes 74,000 square feet on Sunset Boulevard
Insurance firm Global Atlantic Financial Group has provided a $28.1 million loan for a newly renovated creative office property in the heart of Hollywood.
The floating-rate funding covers Vanbarton Group’s five-story office at 6725 Sunset Boulevard. JLL’s Capital Markets team announced the loan today.
Vanbarton Group acquired the office from Crown Realty and Development for $37.75 million in June 2018, property records show. Tenants include Emmy-winning production company Hoplite Entertainment.
Global Atlantic, which separated from Goldman Sachs in 2013 and was acquired by investment powerhouse KKR last month, issued the loan through Indianapolis, Ind.-based Forethought Life Insurance Company.
The office is located in part of the growing tech and media hub of Hollywood, which has seen rising investment for office and studio space over the past few years. Commercial Observer first reported both JH Snyder’s $186 million office sale just south of Santa Monica Boulevard, as well as Hackman Capital’s recent merger with Raleigh Enterprises on its studio and office campus on Melrose Avenue. Further, Blackstone and Hudson Pacific Properties are building out their Hollywood Media Portfolio, which includes almost 1 million square feet of adjacent, Class A office space, much of which is located along Sunset Boulevard.
The JLL Capital Markets team representing Vanbarton Group was led by Todd Sugimoto, Spencer Richley and Keith Rosso.