s robertson blvd...los angeles chicago miami atlanta philadelphia washington, dc boston source:...

20
UNIQUE MIXED-USE OWNERSHIP OPPORTUNITY 275 275 S ROBERTSON BLVD

Upload: others

Post on 06-Jul-2020

1 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

UNIQUE MIXED-USE OWNERSHIP OPPORTUNITY

275275S ROBERTSON BLVD

Page 2: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

AFFILIATED BUSINESS DISCLOSURECBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgment of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENTYour receipt of this Memorandum constitutes your acknowledgment that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc.If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DISCLAIMERThis Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.© 2020 CBRE, Inc. All Rights Reserved.

275275S ROBERTSON BLVD

2

Page 3: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

275275S ROBERTSON BLVD

TABLE OF CONTENTS

EXECUTIVE SUMMARY.................................. 4

MARKET OVERVIEW .......................................6

SUBMARKET OVERVIEW ...............................9

PROPERTY INFORMATION ..........................12

SALES COMPARABLES .................................15

MARKET TRENDS ...........................................17

3

Page 4: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

CBRE, Inc. has been retained on an exclusive basis to sell a mixed use retail/office property. 275 South Robertson Boulevard. is located in the heart of Beverly Hills, one of the most coveted real estate markets in the United States, and is a prime candidate for redevelopment. This asset consists of approximately 7,486 square feet of building on an approximately 11,257 square foot lot.

EXECUTIVE SUMMARY

275275S ROBERTSON BLVD

4

Page 5: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

RE-DEVELOPMENT OR OWNER-USER PROPERTY FOR THE UNIQUE INVESTOR ɍ Excellent opportunity to purchase a once-in-a-lifetime mixed-use

asset in the heart of Beverly Hills.

ɍ The Property offers flexibility to a buyer to allow for an investment, owner-user or redevelopment opportunity.

ɍ Ability to escalate rents from the current submarket rates

LOCATED IN THE HEART OF BEVERLY HILLS ɍ 24 parking spaces on-site with immediate access to Robertson

Boulevard

ɍ Located in one of the most prime areas of Beverly Hills

OFFERING PRICE $7,500,000 ($1,001/SF)

APN 4333-009-036

BUILDING SIZE ± 7,486 SF

YEAR BUILT 1977

ZONING BHC3

CURRENT OCCUPANCY 100%

PARCEL SIZE ± 11,257 SF

PARKING 24 spaces (3.2/1,000)

ASSET SUMMARY INVESTMENT HIGHLIGHTS

HIGH DENSITY DEMOGRAPHICS ɍ Over 870,000 people in a 5-mile radius with an Average

Household Income exceeding $107,000

ɍ Surrounded by thoroughfares and highly trafficked streets and within a 5-mile radius of over 600,000 employed individuals

HIGH VISIBILITY OWNERSHIP OPPORTUNITY ɍ Situated on South Robertson Boulevard, a few blocks from both

Wilshire Boulevard and Olympic Boulevard

ɍ Unique building and lot size with an opportunity to add significant value

5

Page 6: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

Monrovia

P a c i � c O c e a n

US NavalWeaponsStation

LongBeachAirport

DodgerStadium

Los AngelesInternational

Airport

� �

HollywoodBurbankAirport

VanNuys

Airport

Downey

Norwalk

MontereyParkLos

Angeles

Pasadena

Altadena

Alhambra

ArcadiaSanGabriel

LongBeach

RedondoBeach

ManhattanBeach

El Segundo

SealBeach

SunsetBeach

Inglewood

Torrance

SanPedro

RanchoPalos Verdes

Hollywood

BeverlyHills

SignalHill

VanNuys

WoodlandHills

Sunland

SunValley

Chatsworth

GranadaHills

CulverCity

Marinadel Rey

Glendale

Burbank

Malibu

SantaMonica

PacificPalisades

SanFernando

SantaClarita

ComptonGardena

Lakewood

UniversalCity

S a n G a b r i e l M o u n t a i n s

S a n t a S u s a n a

M o u n t a i n s

V e r d u g o

M o u n t a i n s

S a n t a M o n i c a

M o u n t a i n s

A n g e l e s

N a t i o n a l F o r e s t

1

22

90

210

210

10

1010

5

5

5

405

605

605

105

105

710

110

110

710

710

405

405

405

405

19

19

19

72

2

N3

N3

2

2

60

110

110

170

118

14

118

126

N1

134

1

1

47

107

103

107

1

1

22

9191

90

42

42

27

27

101

101

101

101

Ventura

San FernandoValley

Tri-Cities

San GabrielValley

WilshireCorridor

Downtown

CommerceWestLos Angeles

Mid-Counties

South Bay

Tech TourismLogistics

TOP 3 PRIVATE SECTOR INDUSTRIES

131,600 jobs in LA County

Most apparel manufacturing establishments in the United States 29% OF NATIONWIDE APPAREL

COMPANIES

Source: CBRE Scoring Tech Talent 2019

TOP 10 Market For Tech Employment

#3Tech Degree Completions

TECH

Long Beach has deepest shipping channel in North America

Ports of LA/Long Beach handles:

West coast cargo volume

73%73%share of the

national port market

32%

PORT OF LA & LONG BEACH

GDP/MANUFACTURING

FILM INDUSTRY:131,600 jobs in LA County

Exceeds next 10 metro areas combined by 50,000

ECONOMIC OPPORTUNITIES

GROWTH RANKS

139,600

115,600

86,200

74,100

74,000

61,800

50,100

38,400

29,800

19,000

New York

Dallas

Houston

Los Angeles

Chicago

Miami

Atlanta

Philadelphia

Washington, DC

Boston

Source: California Employment Development Department February 2020

Source: Bureau of Labor Statistics, Q2 2019.

1

4

7

2

5

8

3

6

9

10

#4City with the largest job

growth

UNEMPLOYMENT: 4.5% of labor force in

February 2020

(OF TOP 10 METRO BY POPULATION IN US)

1,936Los Angeles County

212King’s County$

1.0TMetro GDP

3RDMost patents in the U.S.

616New York County

206Orange County

2NDLargest economy by GDP in the U.S.

MARKET OVERVIEW

6

Page 7: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

POPULATION TRENDS

HIGHER EDUCATION

POPULATION DENSITY PER SQUARE MILE

Less than 1,000

1,000 – 8,400

8,400 – 15,800

15,800 – 24,000

Greater than 24,000

Estimated by Census Tract, 2019

Colleges & Universities102

Students711,368

Residents10.25M10.25M

Source: Esri, CBRE Research, 2019

White 48.6%African American 8.2%Asian 15.0%American Indian or Alaska Native 0.7%Pacific Islander 0.3%Other Race 22.4%Two+ Races 4.9%

45,687 9,61844,027

7,71041,319 2,238

7

Page 8: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

LA has biggest BIKESHARE SYSTEM in the nation.

$120B invested in rail lines, bus networks, carpool lanes and transportation demand management over the next 40 YEARS.

The Crenshaw/LAX Line and LAX People Mover arriving in 2023 will SIGNIFICANTLY IMPROVE AIRPORT ACCESS

LA has the most publicly available ELECTRIC VEHICLE CHARGING STATIONS

Blue Line

Red Line

Green Line

Gold Line

Purple Line

Expo Line

METRO

Amtrak California

Metrolink Ventura

Metrolink San Bernardino

Metrolink Riverside

Metrolink O.C.

Metrolink Antelope Valley

Metrolink I.E.– O.C.

Metrolink 91 Freeway

RAIL LINES

Regional Connector (2021)

Purple Line Section 1 (Western to La Cienega) (2023)

Purple Line Section 2 (La Cienega to Century City) (2025)

Purple Line Section 3 (Century City to Westwood)(2027)

Crenshaw/LAX Line (Exposition to LAX)(2020)

Gold Line Foothill Extension (Azusa to Montclair) (2025)

Green Line Extension (Redondo Beach to Torrance)(2027)

Los Angeles Streetcar (2020)

PROPOSED UNDER CONSTRUCTION

CRENSHAW/LAX TRANSIT PROJECT: 8.5 mile lightrail from Expo to Green Line; connects to Automated People Mover once completed in 2023 (project opens 2020)

REGIONAL CONNECTOR TRANSIT PROJECT: 1.9 mile alignment from Blue Line to Gold Line (project opens 2021)

PURPLE LINE EXTENSION SECTION 1: 3.9 mile heavy rail line beginning at Wilshire/Western station extending west (project opens 2023)

PURPLE LINE EXTENSION SECTION 2: 2.6 mile heavy rail line continues Purple Line from Miracle Mile into Century City (project opens 2025)

PURPLE LINE EXTENSION SECTION 3: 2.6 mile westward extension from Century City/Constellation station to Westwood (project opens 2027)

PROPOSED UNDER CONSTRUCTION

TRANSPORTATION

8

Page 9: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

BEVERLY HILLSNestled in west Los Angeles County, the City of Beverly Hills spans 5.7 square miles, bordered by West Hollywood to the east and Century City to the west. The City is known throughout the world for its glamorous residences, ultra-luxurious lifestyle, couture shops, and grand palm tree-lined boulevards. This storied city offers beautiful residential neighborhoods, vibrant shopping and dining, five-star hotels, thriving businesses, a rich quality of life, and above all, exclusivity.

The economy of Beverly Hills is driven in large part by tourism, retail sales, and entertainment, law and tech firms. Beverly Hills is home to the three largest talent agencies in the world - William Morris Endeavor, United Talent Agency, and International Creative Management. The largest live music promoter, Live Nation, is also headquartered in Beverly Hills. In addition, Beverly Hills draws over 6 million visitors per year who spend over $2 billion in the city annually.

Beverly Hills is one of the most prestigious and vibrant retail markets in the world. From world-renowned fashion houses to one-of-a-kind local boutiques, Beverly Hills offers a shoppers’ paradise located within a compact, easily walkable area known as the Golden Triangle. On the world-famous Rodeo Drive one can find Prada, Gucci, Valentino, Armani, Dior and Cartier. Termed the “crown jewel” in the heart of Beverly Hills, Two Rodeo Drive, offers quaint cobblestone walkways leading to Versace, Lanvin, Jimmy Choo and Tiffany. Blocks east of Rodeo, Beverly and Canon Drives offer local boutiques, unique luxury shops, fantastic Beverly Hills restaurants and open-air cafés. Anchoring the southern border of the Golden Triangle is Department Store Row, home to the titans of luxury retailing, including Neiman-Marcus, Saks Fifth Avenue and Barney’s New York. Within the past five years a fresh new energy has taken over the Golden Triangle. Impressive upgrades to streetscapes, architectural makeovers to storefront retailers to dazzle and awe, Hermes, Dior, Burberry, David Yurman, Geary’s, and Van Cleef & Arpels are among the brands that have expanded, renovated, and updated their stores at a considerable expense. The City of Beverly Hills has spent approximately $40 million redesigning the streetscapes of Rodeo Drive and the surrounding blocks to maintain the Golden Triangle’s image as a world-class pedestrian and shopping district.

OVERVIEW

LOS ANGELES The Westside is the Los Angeles Basin’s largest submarket making up nearly 26% of the approximate 205 million-square-foot office inventory in Los Angeles. The market serves as the preeminent “core” office market for deploying capital in Los Angeles County and continues to be the most sought after location for tenants and investors alike. The Westside is defined by some of the most dynamic tenants in entertainment, technology, media, and business services including Google, Apple, Facebook, Amazon, and Microsoft—placing significant value on the market’s ability to attract and retain top talent while providing proximate access to executive housing in a coastal environment. The West Los Angeles market continues to achieve the highest rental rates in Los Angeles by a wide margin. Known for its unrivaled quality of life, West Los Angeles is supported by a wide variety of residential neighborhoods, high-end boutiques and lifestyle centers, first-class restaurants, leading educational centers, and cultural attractions that have drawn a diversified and educated labor force. The West Los Angeles office market is historically characterized by high and stable occupancy rates, strong net absorption, and an extremely limited number of large blocks of available space, all of which contribute to significant increases in rental rates during strong economic times. The area is home to a diverse tenant base comprised of technology, entertainment, financial, advertising, public relations, professional services, telecommunications, hardware, software, publishing, and healthcare companies, among others. Unimproved commercial sites are virtually non-existent and face prolonged and expensive entitlement efforts.

9

Page 10: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

Approximately 870,490 people reside within a five-mile radius of the Property. Within a five-mile radius of the Property, more than 33% of residents have earned a bachelor's degree of higher. The median age is 37, exemplifying the young educated labor pool available. More than 63% of household incomes within a five-mile radius of the Property are $50,000 or greater, with an average household income of over $107,296.

DEMOGRAPHICS

1-Mile Radius 3-Mile Radius 5-Mile Radius

Population

2019 Estimated Population 47,816 320,761 870,490

2024 Projected Population 48,565 327,268 896,969

2010 Census Population 45,804 305,708 828,278

Growth 2010-2019 0.47% 0.52% 0.54%

Growth 2019-2024 0.31% 0.40% 0.60%

2019 Household Income

$75,000-$99,999 2,874 (12.4%) 17,892 (11.9%) 41,900 (11.1%)

$100,000-$149,999 3,636 (15.7%) 23,646 (15.7%) 51,988 (13.7%)

$150,000 and over 6,086 (26.2%) 38,661 (25.8%) 77,876 (20.5%)

Total

2019 Estimated Median HH Income $82,281 $80,785 $65,543

2019 Estimated Average HH Income $124,353 $124,968 $107,296

2019 Estimated Households 23,175 150,272 379,138

2019 Estimated Average Housing Value $1,395,541 $1,352,152 $1,227,234

2019 Estimated Average Household Size 2.05 2.11 2.24

10

Page 11: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

EASY ACCESS VIA METRO EXPO LINE

11

Page 12: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

ASKING PRICE

$7,500,000

BUILDING: $1,001/SFLAND: $666/SF

275 S ROBERTSON BOULEVARD

CBRE, Inc. has been retained on an exclusive basis to sell a mixed use retail/office property. 275 South Robertson Boulevard. is located in the heart of Beverly Hills, one of the most coveted real estate markets in the United States, and is a prime candidate for redevelopment. This asset consists of approximately 7,486 square feet of building on an approximately 11,257 square foot lot.

4333-009-036APN

1977 Year Built

7,486 SFBuilding SF

BHC3* 2 Floors

11,257 SFLot SF

12

Page 13: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

TENANT UNIT RENT LEASE DATE LEASE EXP RENT INCREASE NEXT INCREASE SQUARE FEET TOTAL SF % SHARE RENT/SF/MO.

You Doll You D, E & F $3,495.67 10/15/14 10/31/20 3.0% N/A694 680 467

1,841 25% $1.90

Ronald Sparks, DDS G $2,825.87 7/1/01 Expired 2.5%Month-to-Month Rental

(Rental increase every Jan 1st)

1,040 1,040 14% $2.72

Champs Elysees (A) A $2,483.60 10/1/01 12/31/21 2.0% 1/1/21 776 776 10% $3.20

Champs Elysees (B&C) B & C $3,221.16 6/1/13 12/31/21 2.0% 1/1/21670 646

1,316 18% $2.45

Joey's Gym H $4,160.00 10/1/90 12/31/20 Fixed N/A 2,400 2,400 33% $1.73

$16,186.30 7,373 100%

ROBERT GREGORY INVESTMENTS, LLC | RENT ROLL | 5/ 1 /20

13

Page 14: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

PROPERTY DETAILS

Primary Owner ROBERT GREGORY INVESTMENTS, LLC

Mail Address709 N Bedford DrBeverly Hills Ca 90210

Site Address275 S ROBERTSON BLVDBEVERLY HILLS CA 90211

Assessor Parcel Number 4333-009-036

Census Tract 7009.01

Lot Number 29,30

Page Grid 632-J2

Legal descriptionLot: 29,30 Tract No: 6380 Abbreviated Description: LOT:29,30 TR#:6380 *TR=6380*LOTS 29 AND LOT 30

275 S ROBERTSON BOULEVARD | BEVERLY HILLS, CA 90211

PROPERTY INFORMATION

PROPERTY SUMMARY

Year Built 1977

Square Feet ±7,486

Lot Size ±11,257 SF

Number of Units 4

# of Stories 2

Property Type Commercial

Use Code Store/Office (Mixed Use) Zoning

Zoning BHC3*

14

Page 15: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

PROPERTY ADDRESS SALE PRICE SALE DATE PRICE PER SF LAND AREA SF BUILDING SF ZONING

1 301-311 N Robertson Blvd $8,043,425 9/18/2019 $920 12,632 8,745 C-3

2 153-155 S Robertson Blvd $3,065,000 1/29/2019 $1,169 5,144 2,623 C3

3 207-209 S Robertson Blvd $4,100,000 1/21/2020 $1,100 5,331 3,727 C-3

4 329-335 S Robertson Blvd $10,100,000 11/15/2019 $1,683 13,743 6,000 C3YY

5 8635 Wilshire Blvd $5,900,000 9/3/2019 $892 12,632 6,611 C3

6 8423 Wilshire Blvd $16,500,000 11/26/2019 $1,375 19,323 12,000 C3, Beverly Hills

79000 Wilshire Blvd

(Part of Multi-Property Sale)$11,277,447 11/26/2019 $2,855 7,840 3,950 C3

89006-9010 Wilshire Blvd

(Part of Multi-Property Sale)$6,872,553 11/26/2019 $2,291 7,840 3,000 C3

9 250 S Beverly Dr $8,800,000 12/10/2018 $1,524 6,098 5,774 C3

10 9388-9390 Santa Monica Blvd $35,500,000 9/24/2018 $1,943 12,632 18,267 BHC3

11 412-414 N Beverly Dr $28,000,000 1/17/2020 $4,828 7,505 5,800 BHC3*

12 461-469 N Beverly Dr $80,000,000 11/6/2018 $2,849 22,058 28,076 C-3

13 468 N Rodeo Dr $245,000,000 9/14/2018 $11,011 15,254 22,251 BHC3*

14 457-459 N Rodeo Dr $96,000,000 10/23/2018 $8,258 7,331 11,625 BHC3*

15 9701-9725 Santa Monica Blvd $15,000,000 1/2/2020 $829 5,667 18,094 BHC3

BEVERLY HILLS RELEVANT SALES COMPARABLES

15

Page 16: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

SALES COMPARABLES

8423 Wilshire Blvd

9000 Wilshire Blvd

9006-9010 Wilshire Blvd

250 S Beverly Dr

9388-9390 Santa Monica Blvd

301-311 N Robertson Blvd

153-155 S Robertson Blvd

207-209 S Robertson Blvd

329-335 S Robertson Blvd

8635 Wilshire Blvd

1 6

2 7

3 8

4 9

5 10

111

15

14

1213

9

10

3

4

62 5

16

78

412-414 N Beverly Dr

461-469 N Beverly Dr

468 N Rodeo Dr

457-459 N Rodeo Dr

9701-9725 Santa Monica Blvd

11

12

13

14

15

16

Page 17: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

CONTENT IS KING - CHANGING THE LANDSCAPE

Total 2019 Investment $25B

Content Creators Are Located in LA

TOP 5

of leases signed by tech tenants in the last 5 years

5M SF5M SF

Leased by Apple and Amazon over the last 2 years

930K SF930K SF

LA IS THE EPICENTER OF ORIGINAL CONTENT CREATION

2019 Investment in Original Content

HOLLYWOODHOLLYWOOD$15B

2019 Investment in Original Content

CULVER CITYCULVER CITY$6B

2019 Investment in Original Content

SANTA MONICASANTA MONICA$3B

2019 Investment in Original Content

PLAYA VISTAPLAYA VISTA$1B

17

Page 18: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

RAPID GROWTH & EXPANSION OF CONTENT CREATORS

Among the most aggressively growing office tenants on the Westside are the original content production companies and technology firms with a focus on creating content for the $2 trillion streaming and traditional TV/media industry.

Netflix and Other Streaming Companies Fueling CRE in L.A.–Bisnow

New leases give Apple a large footprint in Los Angeles for content push–Apple Insider

Facebook closes on 260k sf at the Brickyard … the social media company will expand its current space fivefold–The Real Deal

Amazon Expands Footprint in Culver City, Takes Entire Office Space at Culver Steps Developments–The Hollywood Reporter

HBO Picks $350M Culver City Project for New HQ– Commercial Property

Executive

Amazon Doubles Entertainment Footprint in Los Angeles Culver Studios Project–Costar News

HBO moving headquarters to Culver City Ivy Station megaproject–LA Curbed

Netflix to dramatically expand. Footprint, Taking Lease on Entire New 13-story Building in Hollywood–Variety

Google will lease all of massive Westside Pavilion amid redevelopment–The Real Deal

Netflix Grabs More L.A. Real Estate Signing lease for 355,000 SF at Academy on Vine Site–Variety

1.2 M SF

1 M SF

800K SF

600K SF

400K SF

200K SF

0 SF

$15B

$6B$1B

$1B

$3B

$2B<$1B

FOOTPRINT IN 2012

FOOTPRINT IN 2018

IN THE MARKET

2018 ORIGINAL CONTENT BUDGET

2019 ORIGINAL CONTENT BUDGET

OVER THE LAST FIVE YEARS, THE ENTERTAINMENT INDUSTRY’S ANNUAL BUDGETS FOR NEW ORIGINAL CONTENT HAVE INCREASED BY $30 BILLION.

1) Apple is believed to be in discussions for an additional 115,000 SF in Culver City | 2) HBO to announce its move from Santa Monica to Culver City pending completion of 200,000 SF lease at Ivy Station | 3) YouTube TV was a dominant business line in Google’s Spruce Goose expansion in Playa Vista

18

Page 19: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

DOWNEY

BURBANK

NORWALK

GLENDALE

PASADENA

INGLEWOOD

GARDENA

COMPTON

WESTMONT

LAWNDALE

ALTADENA

ALHAMBRA

ROSEMEAD

HAWTHORNE

MONTEBELLO

BELLFLOWER

SOUTH GATE

PLAYA VISTA

CULVER CITY

WILLOWBROOK

PICO RIVERA

BELL GARDENS

SANTA MONICA

MARINA DEL REY

MONTEREY PARK

BEVERLY HILLS

MANHATTAN BEACH

HUNTINGTON PARK

ENCINO

RESEDA

VAN NUYS

HOLLYWOOD

HYDE PARK

EL SEGUNDO

SUN VALLEY

SHERMAN OAKS

DOWNTOWN LOS ANGELES

SANTA FE SPRINGS

WEST LOS ANGELES

LA CANADA FLINTRIDGE

§̈¦405

§̈¦5

§̈¦710

§̈¦605

§̈¦10

§̈¦110

§̈¦10

£¤101

1

60

MAJOR TENANTS ATTRACTING TOP TALENT

19

Page 20: S ROBERTSON BLVD...Los Angeles Chicago Miami Atlanta Philadelphia Washington, DC Boston Source: California Employment Development Department February 2020 Source: Bureau of Labor Statistics,

JEFF PIONVice ChairmanLic. 00840278

+1 310 550 [email protected]

© 2020 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. All marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.

CONTACTS

WALT CHENOWETHExecutive Vice President

Lic. 00852776+1 909 545 8007

[email protected]

MICHELLE ESQUIVELExecutive Vice President

Lic. 01290582+1 310 550 2525

[email protected]

DREW PIONAssociate

Lic. 02085229+1 310 550 2566

[email protected]

275275S ROBERTSON BLVD