HOLLYWOOD—November 12, 2007—CIM Group is preparing for the start of construction in 2008 of a 400,000-square-foot, four-building addition to The Lot, the former Warner Hollywood Studios on Santa Monica Blvd. in West Hollywood. The firm acquired the property in late August. The buildings will be set around existing studio facilities, comprised of 312,000-square-feet with seven sound stages and several service buildings.
"There is tremendous demand for creative offices in the Los Angeles area and very few options for companies seeking large blocks of space," said Jeff Kreshek, principal, CIM Group. "The Lot is an ideal location with a rich history in the entertainment industry. We will develop buildings with state-of-the-art technologies, large floorplates and abundant glass; key attributes for businesses seeking a modern Class A office facility."
Set on 11 acres, the studio has been a fixture in the entertainment industry since 1920. Today The Lot is in the bustling hub of West Hollywood, surrounded by a host of dining and shopping options. CIM Group envisions the blending of the existing historic structures and the new buildings to create a relaxed office campus with the character of a studio lot. The studio facilities will continue to serve the entertainment industry with Skye Partners managing the day-to-day studio operations.
Located at the intersection of Santa Monica Boulevard and Formosa Avenue, The Lot is just west of La Brea and south of Sunset and Hollywood Boulevards, some of the area's major thoroughfares. The new buildings, designed by HLW architects, will vary in size and configuration including two 150,000-square-foot, six-story, office buildings Designed with modern features and state-of-the-art systems, the office buildings also will complement and reflect architectural elements of the existing facilities in order to maintain the character of the historic property. The Lot also provides ample, convenient on-site parking.
"The ability for employees to easily walk to nearby restaurants and retail is often an important factor for businesses when making a location decision," noted Kreshek. "We also will offer several new on-site amenities as well as maintaining and enhancing the existing commissary."
The first production space was built on The Lot in 1920 for Hampton Studios and a few years later it became the Pickford-Fairbanks Studios. In 1928 Charlie Chaplin and D.W.Griffiths joined with Mary Pickford and Douglas Fairbanks to found United Artists, which operated at this site for many years. Later it would become the Samuel Goldwyn Studios and in 1980 Warner Brothers acquired it as an auxiliary studio. The Formosa Café, adjacent to the studio, became well known for its celebrity clientele and continues to operate today attracting a new generation of diners as well as those seeking a piece of Hollywood history.
CIM Group projects the new buildings will be completed and ready for occupancy by year-end 2009 or early 2010.
About CIM Group
Founded in 1994, CIM Group is a full-service private equity real estate investor. The company applies its multidisciplinary expertise in the areas of investment and development, mezzanine financing, fund management, commercial leasing and property management. CIM has successfully identified and invested in some of the most vibrant transitional urban districts in North America based on its integrated approach to investing that utilizes its broad based in-house capabilities and deep market knowledge.
CIM specializes in high-density urban communities, bringing its extensive real estate experience to a diverse array of asset categories including mixed-use, office, retail, hotel, entertainment and multifamily. Headquartered in Los Angeles, CIM maintains regional offices in San Francisco and Bethesda, Maryland. More information on CIM can be found at www.cimgroup.com.