The prominent developer and owner of the luxury apartment building in Los Angeles known as Argyle House is looking to let go of the 18-story property, Commercial Observer has learned.
Developed by Related California, a West Coast subsidiary of Related Companies, Argyle House features 114 high-end units in the heart of historic Hollywood, next to the Capitol Records tower and around the corner from the Pantages Theatre, the W Hollywood and a Metro Red Line station.
Marketing materials shared with CO show the property is offered on an all-cash basis, or with financing in place of $80 million at 3.65 percent interest. An asking price was not included, and Related did not return requests for comment.
The firm spent $90 million to build Argyle House, according to reports when the property opened in 2018.
The building at 1755 Argyle Street includes a mix of studio, one-, two- and three-bedroom units. Online listings currently show monthly rents ranging between $2,895 for a studio and $9,495 for two-bedroom units.
Designed by LARGE Architecture, the building also features an outdoor pool and spa, a barbecue area and a fitness center. The building is home to tenants including movie producers, celebrities, CEOs, professional athletes, and software engineers, according to Related. Millennium Partners is also building a $1 billion residential and retail complex on parking lots by Capitol Records and Argyle House.
Cushman & Wakefield is marketing the property for sale.
Gregory Cornfield can be reached at firstname.lastname@example.org.