Broadreach Capital Partners announced Thursday it has acquired the 198,713-square-foot CNN Building in Hollywood, Calif., for approximately $50 million.
Built in 1968, the CNN Building, characterized by its black glass facade, is one of the few class A office buildings in the Hollywood submarket, according to a press statement. The 14-story office building, located at 6430 Sunset Blvd., and currently home to the Los Angeles operations of Cable News Network and Larry King Live, was 94 percent occupied at the time of sale, according to Broadreach Managing Director David Simon who heads the real estate private equity firm’s operations in Southern California.
Broadreach plans to remodel the building systems, common area and exterior before the end of the first quarter of 2007.
Scanlan Kemper Bard was the seller.
Broadreach Capital Partners LLC, a real estate private equity firm with locations in Palo Alto, Calif., and Los Angeles, invests in a variety of western U.S. commercial real estate products through its $314 million real estate fund, BRCP Realty L.P. I.