New LA Project
Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
Like most U.S. metros, Los Angeles has struggled with office vacancy during the pandemic. That’s not stopping a 15-story project on Hollywood’s Sunset Boulevard that will include 431,000 square feet of office space. The city’s Planning Commission just approved it. Also, damn all those predictions about the death of brick-and-mortar retail. Target is opening a big store in New York City.
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— Tom Acitelli, Co-Deputy Editor
Millennium Partners, Shorenstein Properties Advance Hollywood Office Tower Project
A new tower with 431,000 square feet of office space is set to rise on Sunset Boulevard in Hollywood after getting the green light from the Los Angeles Planning Commission Thursday. The nine-member board signed off on the plan by Millennium Partners and Shorenstein Properties to demolish the Staples store and other commercial buildings at 6450 Sunset Boulevard to make way for Sunset + Wilcox, Urbanize reported. The Gensler-designed development at the intersection with Wilcox Avenue will rise 275 feet with 15 stories, and it’s expected to be complete in 2026. Hollywood’s office vacancy rate has decreased for four consecutive quarters, to 21 percent, and it’s one of the few markets with year-to-date net absorption, according to Colliers’ most recent report. There’s about 6.2 million square feet of office space in Hollywood, and the average asking rate for Class A space is $4.93 per square foot per month.
Target to Open 140K-SF Bronx Location in Bruckner Commons
Target signed a 139,000-square-foot lease at Bruckner Commons in the Bronx to open a new store in 2025, the landlord announced Thursday. The big-box retailer will operate next to a ShopRite, Marshalls and a Five Below as an anchor tenant of the 510,000-square-foot shopping center at 1948-1998 Bruckner Boulevard owned by Urban Edge Properties, according to the landlord. Urban Edge did not disclose the asking rent or the length of the lease.
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2 年It’s not the fiesta but thank you god!??
Realtor Associate @ Next Trend Realty LLC | HAR REALTOR, IRS Tax Preparer
2 年Thanks for sharing.