LOS ANGELES--(BUSINESS WIRE)--Originally built by Eastman Kodak Company as the country ushered in the age of sound movies in the late 1920’s, a unique media production campus in Hollywood will soon be turning a new chapter. Lincoln Property Company has acquired a two-building facility totaling over 100,000 square feet at the corner of Santa Monica Boulevard and Las Palmas Avenue, with plans to renovate and secure new tenants for the property that served as Kodak’s home for nearly a century.
The campus includes a historic two-story, 19,660 square-foot jewel box building fronting Santa Monica Boulevard with an open-air atrium courtyard and fountain, natural lighting and seating, conference rooms and a screening room with seating for 44 people. In 1929, Eastman Kodak scientists working in this original building developed the first motion picture film designed for making then-new sound motion pictures. Decades later, the facility served as an unofficial clubhouse for cinematographers, and its screening room was commonly used for viewing dailies.
An adjacent, approximately 86,000 square-foot building constructed by Kodak in 1994 features traditional executive office space, multiple screening rooms, post-production space and staging areas. Both buildings are currently vacant, and leasing efforts will begin immediately. Lincoln will also launch a series of property improvements including upgrades to the large atrium, common areas in both buildings as well as interior and exterior landscaping.
“Hollywood has experienced a tremendous resurgence and has captured the focus of the institutional real estate investment community, for good reason,” said David Binswanger, Executive Vice President at Lincoln Property Company. “The media district is particularly supply constrained, so we see great opportunity with this historic one-of-a-kind property located right in the middle of the action. We are excited to move forward with our series of upgrades, and bring new life to this fantastic campus.”
Hollywood has benefited from a major urban revitalization over the past five years. More than $3 billion in public and private capital has been invested in the community, contributing to a strong residential and retail market, surging tourism and redevelopment across all market sectors in the past several years.
“We are thrilled to own one of the most unique institutional creative office properties in Hollywood,” said Rob Kane, Vice President at Lincoln Property Company. “There are few opportunities for tenants to have access to this mix of uses, including executive office, production and post-production, all in one Hollywood campus setting. We are anticipating significant interest as we move forward with our leasing process.”
The media production campus has direct access to a robust transportation network, including the Hollywood (US-101) Freeway that traverses the northeast portion of the community, as well as Hollywood, Sunset and Santa Monica Boulevards. The Metro Rail Red Line also connects Hollywood directly to downtown Los Angeles and North Hollywood/Universal City.
Kevin Shannon of CBRE and Steve Algermissen of Colliers International brokered the transaction.
“Hollywood is one of the hottest submarkets in Los Angeles. Many of the tenants with the strongest growth patterns have gravitated to creative office campus environments similar to the product Lincoln will offer with the renovated Kodak campus,” said Kevin Shannon, a Vice Chairman with CBRE.
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 100 million square feet of commercial space and over 185,000 multifamily residential units. Lincoln Property Company is one of the largest commercial real estate companies in the world. Visit www.lpcsocal.com for more information.