Tuesday, June 17, 2014

Office Building Proposed Next to La Brea Gateway

After nearly ten years of delay, Hollywood's mixed-use La Brea Gateway complex is finally under construction.  Hopefully a proposed next-door neighbor experiences a less arduous path moving forward.  According to plans filed with the city last week, a low-rise office building is in works at 925 North La Brea Avenue.  The development site was previously home to a nondescript commercial structure, which is currently being demolished to make way for the new, six-story edifice.

The development is the latest in a recent series of office projects headed to Hollywood, as developers move to capitalize on the neighborhood's relative lack of Class-A accommodations.  Currently, over one million square feet of office space is either proposed or under construction in-between Vine Street and the Hollywood Freeway.  That figure includes Kilroy Realty's $380 million Columbia Square development, and a pair of Sunset Boulevard towers planned by Hudson Pacific Properties.  Further west, developer J.H. Snyder is building a speculative 250,000 square foot campus, and intends to break ground on a smaller project on Selma Avenue later this year.  One block from 925 N. La Brea, CIM Group recently opened the Formosa South office building, which has attracted big-name tenants including Funny or Die and the Oprah Winfrey Network.

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