LOS ANGELES – JLL announced today that OUTFRONT Media (NYSE:OUT), one of the largest out-of-home media (OOH) companies in the U.S., has signed a 34,000-square-foot lease for the entire building that Urban Outfitters and Umami Burger recently vacated at 1520 N. Cahuenga Boulevard in Hollywood, California. OUTFRONT Media will use the space for its Los Angeles headquarters office.
JLL’s Nicole Mihalka, Carl Muhlstein and Caitlyn Ross represented the landlord, a joint venture between Artisan Ventures and Walton Street Capital. OUTFRONT Media was represented by Steve Eyler of Cresa.
“We are seeing continued demand for freestanding campus environments, including the adaptive reuse of retail and industrial buildings into office spaces where creative tenants can build a culture, brand and vibe,” said Nicole Mihalka, JLL Managing Director. “With excellent visibility and ample outdoor space to work and entertain, this is the perfect location for a dynamic tenant in Hollywood’s vibrant Vinyl District.”
1520 N. Cahuenga Boulevard is an iconic, free-standing campus complex that features exclusive outdoor meeting/work space, commercial kitchen, exposed bow-truss ceilings, multiple skylights and high ceilings. The property is located in the heart of Hollywood in the Vinyl District, one of the hottest neighborhoods in the country, adjacent to top eateries and hospitality destinations including Grandmaster Recording, Mother Wolf, Dream Hotel, and the Thompson and Tommie Hotels.
About Walton Street Capital, LLC
Walton Street Capital, L.L.C. (“Walton Street”) is a private equity real estate investment firm based in Chicago. Since its founding in 1994, affiliates of Walton Street have received total equity commitments of over $10 billion from public and corporate pension plans, foreign institutions, insurance companies and banks, endowments and foundations, trusts and high net worth individuals. Through its affiliates, Walton Street has invested and/or committed to invest in approximately 350 separate transactions in U.S. and international real estate, including the development and acquisition of office, hotel, retail, industrial, multi-family, for-sale residential, senior and student housing, gaming and other assets through both individual, portfolio and company-level transactions with a gross asset cost of over $24 billion. The 30 Principals of Walton Street average over 23 years of experience in the real estate industry. They have participated in the acquisition, financing, asset management and disposition of more than $50 billion of real estate and real estate operating companies spanning over four decades.
About Artisan Ventures
Artisan Ventures is a privately-held Southern California based real estate investment and operating company focused on providing its investors superior risk-adjusted returns. The firm invests in core-plus, value-add and opportunistic office, soundstage/studio, residential, industrial, and mixed-use assets in select submarkets within Los Angeles, Orange and San Diego counties. The Principals have an extensive track record of creating value through the acquisition, development, redevelopment and asset management of over 12.2 million square feet of office properties representing over $5.0 billion of transaction value.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
