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Kilroy Realty Corporation
(NYSE: KRC) today announced that it has expanded its market position within Southern California’s improving technology, media and entertainment economy with the $65 million acquisition of Columbia Square, a historic media campus in Hollywood, and the expected early fourth quarter acquisition of Tribeca West, a West Los Angeles entertainment-oriented office property, for $73 million.
Columbia Square is a fully-entitled 4.7 acre site in the heart of Hollywood that includes the opportunity to redevelop three existing historic buildings and to develop a new mixed-use media campus that preserves the historic character, while creating a new state-of-the-art office project, a residential community, and an amenity-rich retail environment. Tribeca West is a 151,000 square-foot office property in West Los Angeles that caters to entertainment production and post-production work.
Together with KRC’s recent Sunset Media Center acquisition in Hollywood and its other Westside properties, including Westside Media Center and Santa Monica Media Center, the company has created a significant platform of media-related properties in Los Angeles that will cater to KRC’s expanding roster of entertainment-oriented tenants, generating marketing synergies for the company across the region.
Columbia Square Acquisition
KRC paid $65 million to acquire Columbia Square, a campus that includes three historic office buildings totaling approximately 96,000 square feet that were the former home of the CBS network’s Los Angeles radio and television operations, and a site that is fully entitled for the development of an office, retail and multi-family mixed-use project under a fifteen-year development agreement. Located at 6121 W. Sunset Blvd., Columbia Square is just two blocks from the storied corner of Sunset and Vine and one block from KRC’s Sunset Media Center. The two campuses are surrounded by significant retail amenities as well as the Metro Redline. Neighbors include the Academy Awards, Grauman’s Chinese Theater, Capitol Records, Live Nation, Time Warner, CNN’s West Coast broadcasting center and prominent motion picture studios.