LOS ANGELES – June 12, 2014 – CIM Group & Federal Realty Investment Trust, joint owners of the Hollywood Boulevard property announced today that they have leased a 29,400-square-foot ground floor space to La La Land and a 32,000-square-foot, second story space to Marshalls at 7001 Hollywood Boulevard. Extensive renovations of the 61,400-square-foot, two-story building located at the northwest corner of Hollywood Boulevard and Orange Avenue are underway.
La La Land is an innovative retail concept that creates a one-of-kind sensory experience that features Hollywood- and California-themed short films produced exclusively for this store. The brief films are shown on large screen monitors located throughout the store as well as on the projection systems covering the pillars. An interactive suspended globe displays distinctive programming and customer photographs. A state-of-the-art sound system is the crowning touch to the store’s immersive experience.
La La Land offers a vast array of merchandise including a market with fresh food-to-go in addition to clothing, accessories and memorabilia. Sliding glass walls open along Hollywood Boulevard and Orange Drive making a seamless connection to pedestrians on the Hollywood Walk of Fame. La La Land, an exclusive destination retailer adds a new dimension to the Hollywood experience that appeals to visitors and locals.
Marshalls, the off-price clothing retailer will open this fall on the second floor at 7001 Hollywood Boulevard, above La La Land. 7001 Hollywood is adjacent to CIM and Federal Realty’s 7021 Hollywood Boulevard retail center that features a variety of community-serving merchants including DSW, CVS, the Fresh & Easy Neighborhood Market, and Muji. Securing Marshalls and La La Land enhances the retail landscape on Hollywood Boulevard; and expands the merchant offering for nearby residents and visitors.
About CIM Group
CIM Group is a leading real estate and infrastructure investment firm that since 1994 has systematically and successfully invested in dynamic and densely populated communities throughout North America. Headquartered in Hollywood, CIM is also the largest commercial real estate owner in Hollywood. CIM identified Hollywood as a Qualified Community that possessed the attributes that fit CIM’s investment model, and since 1998 CIM has acquired and developed a portfolio of properties in Hollywood that includes office, retail, hotel, entertainment, and multifamily residential properties. CIM Group draws on its experienced team of real estate, investment and finance professionals to identify and pursue investment opportunities in three primary strategic categories: repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure. CIM manages three distinct portfolios, including opportunistic, stabilized and infrastructure funds, each of which are diversified by geography and type of property within the risk profile. CIM maintains regional offices in New York, the San Francisco Bay Area and Bethesda, Maryland. For more information, please visit www.cimgroup.com.
About Federal Realty
Federal Realty Investment Trust is an equity real estate investment trust specializing in the ownership, management, development, and redevelopment of high quality retail assets. Federal Realty's portfolio (excluding joint venture properties) contains approximately 20 million square feet located primarily in strategically selected metropolitan markets in the Northeast, Mid-Atlantic, and California. In addition, the Trust has an ownership interest in approximately 1.0 million square feet of retail space through a joint venture in which the Trust has a 30% interest. Our operating portfolio (excluding joint venture properties) was 95.6% leased to national, regional, and local retailers as of March 31, 2014, with no single tenant accounting for more than approximately 3.3% of annualized base rent. Federal Realty has paid quarterly dividends to its shareholders continuously since its founding in 1962, and has increased its dividend rate for 46 consecutive years, the longest record in the REIT industry. Federal Realty is an S&P MidCap 400 company and its shares are traded on the NYSE under the symbol FRT.