The media company seeking to build a massive office and entertainment complex at the intersection of Sunset Boulevard and Highland Avenue in Hollywood has finished assembling its development site with a $44 million acquisition.
CMNTY Culture, founded by music producer Philip Lawrence and business manager Thomas St. John, began its project last year by acquiring a parcel at 6767 W. Sunset Boulevard for $9.1 million. The company recently closed on a $44 million purchase of three remaining parcels at the project site, according to a release from Parkview Financial, which provided financing.
“This loan provided Parkview Financial the opportunity to finance a land assemblage on one of the most visible corners in Hollywood at Sunset and Highland,” said Parkview founder and chief executive officer Paul Rahimian in a news release. “Over recent years, media, tech, and entertainment companies have continued to intensify their presence in Hollywood and we believe this well-conceived and architecturally stunning project can be a competitive product offering in this market.”
- 50,000 square feet of music studio/production space
- 430,000 square feet of creative office space
- 4,400 square feet of retail space
- 10,000 square feet of artist hospitality space
- 10,000 square feet of education and performance space
- 500-seat outdoor performance venue
Plans also call for an open-air terrace deck at the building's fifth floor.
The proposed 13-story development is expected to cost more than $500 million. A construction timeline has not been announced.
- Office and production space planned at Sunset & Highland (Urbanize LA)