HOLLYWOOD—December 19, 2006—EMI Music North America is expanding operations in Hollywood, signing a 10-year lease for 50,000 square feet with CIM Group at 1800 Highland. CIM Group recently renovated the 1800 Highland office building located across the street from the company's Hollywood & Highland Center. EMI Music North America will relocate approximately 200 employees for occupancy on four floors.
"Several of EMI's divisions have been scattered in a variety of Los Angeles and Hollywood locations, and they have grown beyond the capacity of space it had on Wilshire Blvd. in Los Angeles and at its iconic cylindrical Capitol Tower and adjacent Gogerty buildings located at Hollywood and Vine. With this move, EMI is firmly establishing its commitment to remaining a part of the Hollywood business community by consolidating its operations at this Hollywood location," said Shaul Kuba, principal and founder, CIM Group. "The commitment of this global entertainment corporation to Hollywood, and our quick leasing of this building, is further evidence of the demand for quality office space in this world famous area of Los Angeles."
CIM Group purchased 1800 Highland in 2005 after identifying the severe shortage of modern office space in the area. The seven-story, 87,000-square-foot building had deteriorated, yet it offered a great location on Highland Avenue just steps from the new shopping and dining amenities on Hollywood Boulevard. The company undertook a complete renovation and repositioning of the building earlier this year that stripped the building bare. 1800 Highland is now fitted with a contemporary glass façade allowing abundant natural light, a sleek lobby and common areas and rich stone and wood finishes on a par with any Class A office facility.
"We're very pleased to learn that Hollywood as a business address is more popular than ever with the announcement that EMI Music Marketing is expanding their operations in Los Angeles," said Councilmember Tom LaBonge. "With new office space such as the refurbished 1800 N. Highland building, shopping, clubs, theaters, new mixed-use residential and proximity to the MTA Red Line, Hollywood is the place to be."
"The redevelopment of 1800 Highland highlights that Hollywood is a business-friendly environment. When companies expressed interest in doing business here the community, the Council office and the Community Redevelopment agency pulled together and supported our efforts to recreate this building. It's a further example of the continued support for the revitalization of this vibrant community," noted Kuba.
EMI will move several units currently located at 5750 Wilshire, including its EMI Music Marketing strategic marketing and special markets teams and the west coast office for its Virgin Records label to 1800 Highland. In addition, it will relocate its current EMI Music Marketing sales and catalog marketing team, currently located in the Gogerty building at Hollywood and Vine, to the 1800 Highland location. Additional regional staff for EMI Televisa, EMI Music Marketing and Caroline distribution will relocate to the Gogerty building. EMI is expected to complete these moves in the Spring of 2007.
"The building's generous floors and high ceilings provide companies with large inviting space and flexible design options that are important to supporting efficient operations," added Kuba. "CIM is pursuing additional opportunities to develop office space in Hollywood. With public transportation, a walkable urban environment, new condominiums and apartments, and extensive amenities, Hollywood is an increasingly desirable office market."
EMI was represented by Mark Sullivan and Josh Gorin of Studley. CIM Group was represented by the Ramsey Shilling team of Frank Buckley, John Tronson and Chris Bonbright.
CIM Group has identified Hollywood as a premier urban district for investment and development. In line with its long-term view of a flourishing Hollywood community, the company has built a portfolio comprised of a variety of properties. They include housing, office, entertainment and a diverse mix of restaurants and retailers to support revitalization of the area as a vibrant urban center serving residents, visitors and businesses. The company made its first investment in Hollywood in 1998 with the acquisition of the office building now known as the TV Guide Hollywood Center, which also is the company's headquarters. Today, the CIM Group owns 10 properties throughout the area and is one of the largest property owners in Hollywood.
About CIM Group
CIM Group is an integrated, full service real estate investor with in-house acquisition, development, finance, leasing, and management capabilities. CIM Group directs its efforts towards districts of high population density, including the downtown areas within large cities, smaller "main street" districts within towns and suburban cities, and other locations which lie within the metropolitan areas of the country. Since its inception in 1994, CIM Group has been a leading force in the creation of great streets in the cities of Santa Monica, San Diego, Pasadena, Brea and Hollywood.