Los Angeles Beautification Team, a nonprofit dedicated to resource conservation and community improvement, has sold its 6,740-square-foot office building in Hollywood for $5.38 million. Despite the purchase price surpassing $5 million, the transaction avoided the Measure ULA tax due to the seller’s nonprofit status.
It’s no secret that the grueling 148-day writers’ strike and 118-day sister actors’ strike set back studio production, but how did the two Hollywood standoffs affect Los Angeles real estate, particularly from a tenant-landlord perspective?
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Despite high vacancy rates in the office market – the countywide vacancy rose from 14.4% the first quarter of 2019 to 24.1% the first quarter of this year, according to data from Jones Lang LaSalle Inc. – some developers are still betting big on creative office space.