This is the first sale from the J.H. Snyder portfolio following the passing of founder Jerry Snyder earlier this year
LOS ANGELES–(BUSINESS WIRE)–LPC West, the West Coast arm of national real estate firm Lincoln Property Company, has partnered with Geyser Holdings to acquire 959 Seward, a creative office campus developed in 2015 by J.H. Snyder Co. in the heart of Hollywood’s media district.
The 261,000 square-foot campus was the vision of the late Jerry Snyder, a legendary and prolific Los Angeles-based developer who passed away in May of this year at the age of 90. This is the first property in the J.H. Snyder portfolio to be sold since Snyder’s passing.
“Jerry Snyder is a legend in Los Angeles and his impact on this city will be felt for decades to come. We are honored to have the opportunity to acquire this tremendous asset from the company he built,” said Rob Kane, Executive Vice President of LPC West. “The campus at 959 Seward is a rare asset, given its size, quality, and prime location in Hollywood, which has become the epicenter of original content creation. This asset is uniquely positioned to attract companies in that space.”
The Class A creative campus, located across from the historic Sunset Las Palmas Studios, is currently occupied by five blue-chip entertainment tenants specializing in production, post-production, and film financing, including Broad Green, Picture Head, and Bold Films, L.P. Hollywood’s media district has seen a wave of investment over the last two decades. The world’s most prominent media and entertainment companies are headquartered within walking distance from 959 Seward, including Netflix, Milk Studios, Red Studios, Capitol Records, and Viacom.
“This is a watershed moment that underscores our commitment to Los Angeles and is a historical point of connection for me personally,” said Russell Geyser, Managing Member of Geyser Holdings, and a veteran Hollywood producer who founded Rainmaker Films. “My father, Lewis Geyser, was a close partner of Jerry Snyder for 50 years, and together they built or purchased some of the most iconic real estate projects in Los Angeles, including SAG-AFTRA Plaza, the Water Garden, Wilshire Courtyard and this beautiful property at 959 Seward. As a producer, I know the value of high-quality office space that facilitates collaboration and fosters creativity, and this hits all the high points.”
The property has two adjacent buildings around a central courtyard, and the buildings boast modern systems, high exposed ceilings and concrete floors, large outdoor lounge areas, and electric car charging stations and bicycle parking. The new owners are planning modest improvements to the property, including enhancing outdoor common areas.
As more technology companies develop content creation capabilities, the demand for office space to accommodate content production is growing. LPC West has expanded its portfolio in Hollywood’s media district in recent years with the acquisition of the Hollywood Media Center, formerly known as the Eastman Kodak building, and 817 Vine, a more than 94,900 square-foot office campus just blocks from 959 Seward.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management and leasing worldwide. Lincoln has offices in all major markets of the U.S. and throughout Europe. Lincoln’s cumulative development efforts have produced over 143 million square feet of commercial space and over 216,000 multifamily residential units. Lincoln Property Company is one of the largest office owner and managers in the United States. Access www.lpcwest.com for more information.
About Geyser Holdings
Over the past decade Geyser Holdings has acquired more than half a billion dollars in retail, office and hotel assets. Today, the company provides asset management services to its investors and its own portfolio held for investment. Geyser acquires and manages well researched, structurally sound and economically profitable investment opportunities for ourselves and our investor partners. Our senior principals have long-standing relationships with Wall Street lenders, each with over 20 years of experience in real estate acquisition, financing and disposition, including substantial securities and investment banking.
Contacts
Molly Hogin
310-251-5360 │ molly@sugermangroup.com