Skims-Anchored Office in Hollywood Sells for $105M
Kingsbarn Realty bought the 115,589-square-foot asset from J.H. Snyder Co. after a more lucrative deal fell through last year
By Isabelle Durso April 2, 2025 5:30 pm
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Kingsbarn Realty Capital has acquired the Hollywood office building housing the headquarters for Kim Kardashian’s clothing brand Skims at a lower price than originally bargained for.
The Las Vegas-based Kingsbarn bought the eight-story, 115,589-square-foot 1601 Vine Street from J.H. Snyder Company for $105 million, according to broker Newmark (NMRK).
The price point is lower than the $121.8 million Kingsbarn was in contract to buy the property for in July, The Real Deal reported. That fell through after Kingsbarn claimed its lender Keybank (KEY) cut down financing for the deal last-minute and left Kingsbarn with $12.9 million in “lost deposits and projected profits,” according to TRD.
The building between Selma Avenue and Hollywood Boulevard is home to anchor tenant Skims, which signed a 15-year lease for the second through eighth floors — the entire office portion of the property — in July 2023, TRD reported.
“Capital is showing renewed conviction in high-quality, 2025-vintage office investments,” Newmark’s Kevin Shannon, who represented the seller in the recent deal, said in a statement. “Top-tier tenants like Skims are prioritizing best-in-class buildings, and contrarian investors are capitalizing on the opportunity to acquire premier office product below replacement cost with historically attractive cap rates.”
Newmark’s Shannon, Laura Stumm, Alex Foshay, Ken White, Rob Hannan, Michael Moll, Bill Bloodgood and Alex Bergeson brokered the deal for the seller. Jonathan Firestone and Henry Cassiday, also from Newmark, worked on the financing in the transaction.
A spokesperson for Kingsbarn did not immediately respond to a request for comment, while a spokesperson for J.H. Snyder could not be reached for comment.
Developed by J.H. Snyder in 2017, 1601 Vine underwent renovations last year that added a new lobby, floor-to-ceiling windows, executive suites and on-site photography studios, according to Newmark.
It’s unclear what Kingsbarn’s plans are for the Hollywood building, but the firm has been active recently in other sales, including its October deal with The Keleman Company to buy the Tustin Financial Plaza office building in Southern California for $27.5 million, as Commercial Observer previously reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
