Kingsburn Realty Capital We have acquired the Hollywood office building where we live our headquarters. Kim Kardashian‘ clothing brand Skim At a lower price than the original negotiations.
Las Vegas-based Kingsburn purchased an eight-storey 115,589 square feet 1601 Vine Street from JH Snyder Company According to the broker, it’s $105 million Newmark (nmrk).
The price range is lower than the $121.8 million contracted to buy the property in July. Real deal It has been reported. It ended after Kingsburn insisted on the lender keybank (key) He cut funds for the contract and left Kingsburn, $12.9 million, with “loss of deposits and forecast profits.” Trd.
The building between Selma Avenue and Hollywood Boulevard features an anchor tenant skim that signed a 15-year lease (full office portion) from the second to the eighth floor in July 2023. Trd It has been reported.
“Capital shows new convictions in high quality 2025 office investment,” Newmarks said. Kevin Shannonsaid in a statement that he represented the seller in a recent transaction. “Top tenants like Skim prioritize best-in-class buildings, and paradoxical investors are taking advantage of the opportunity to acquire premier office products that are below the cost of replacement at historically attractive cap rates.”
Shannon of Newmark, Laura Stam, Alex Foschey, Ken White, Rob Hannan, Michael Mor, Bill Bloodgood and Alex Bergeson We brokered a seller’s contract. Jonathan Firestone and Henry Kassideyand we also worked on funding the transaction from Newmark.
A Kingsbarn spokesman did not immediately respond to a request for comment, but a JH Snyder spokesman was not asked for comment.
According to Newmark, the 1601 Vine, developed by JH Snyder in 2017, was undergoing a renovation last year with new lobby, floors and sailing windows, executive suites and on-site photography studios.
It is unclear what plans are for the Kingsburn Hollywood building, but the company has recently been active in other sales, including an October deal. Keleman Company Buy Tustin Financial Plaza The Southern California office building costs $27.5 million; As the Commercial Observer reported earlier.
You can reach Isabelle Durso idurso@commercialobserver.com.
