Cahuenga Plaza
January 16, 2012
M WEST HOLDINGS ANNOUNCES THE ACQUISITION OF CAHUENGA PLAZA
Los Angeles, CA-- M West Holdings (“M West”) announced today that it has acquired Cahuenga Plaza, a 73,150 square foot office building located at 4130 Cahuenga Blvd in the Toluca Lake submarket of Los Angeles.
The Property benefits from being directly adjacent to NBC/Universal Headquarters, numerous Film Studios, and the Universal Studios Theme Park. The subject property offers excellent access to Warner Brothers and Disney Studios. The building is easily accessible from Burbank, Downtown Los Angeles, West Los Angeles and Hollywood. The amenity-rich property is conveniently-located near the 101, 170, 134 and 405 freeways in addition to many of the city’s major arterial thoroughfares, providing tenants with superior accessibility to nearby restaurants, hotels and retail services. The property is also within short walking distance to the Metro Red Line Universal City Subway Station.
The investment is representative of the firm's value-added office investment strategy with the end goal of repositioning the property into a stabilized income-producing core asset. Karl Slovin, M West Holding’s President, stated, “Location was a key determinant in our decision to acquire Cahuenga Plaza. Office buildings with a value-add component rarely become available within this submarket, and we are certainly excited to execute our remodel plan”.
The building features three elevators and two public restrooms per floor and offers highly- functional and efficient floor plates designed to maximize the use of space. Many of the suites face the Toluca Lake Country Club and Universal Studios. Building amenities include, a rear patio opening onto a lushly landscaped courtyard, and numerous private balconies on the upper floors. A number of the suites are finished with high-end creative build-out finishes geared towards film and television production and post-production.
M West has engaged Polaris Property Management as its property manager for the Cahuenga Plaza, and M West will asset manage the property from its Sherman Oaks headquarters. M West aims to rely heavily on its experience and core competencies associated with value-add transactions to not only address deferred maintenance and overall property appearance, but also to realize additional income through aggressive leasing activities.
Matthew Ziegler of Marcus and Millichap sourced and facilitated the transaction for M West and Malcolm Johnson of Bank of America provided the financing package.
