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Friday, Jun 9, 2023

North Hollywood’s Lankershim Plaza Sells for $92 Million

A high-profile North Hollywood office building has sold for $92 million.

Bay Area investment firm DivcoWest has acquired Lankershim Plaza, the nine-story, 179,741-square-foot building at 5250 Lankershim Blvd., according to reports.

Situated in North Hollywood’s Arts District between Chandler and Magnolia Boulevards, Lankershim Plaza counts among its tenants British-owned reality show production company ITV America, which occupies 42,000 square feet after relocating from Sherman Oaks in 2019; Kaiser Permanente, which has a pharmacy on site; and flexible office specialist Regus, with 62 private offices, seven coworking desks and a pair of meeting rooms at this location.

JLL — which has been acting as leasing manager for the 2009-built, LEED Gold certified asset — brokered the deal on behalf of seller J.H. Snyder Co., which owns nearby 5161 Lankershim Blvd. — home to the Fox-acquired animation studio Bento Box Entertainment and a WeWork coworking site.

Lankershim Plaza is the prime office component of the overarching mixed-use development NoHo Commons, which was created in a public-private partnership between GPI Cos. and the Community Redevelopment Agency of the city of Los Angeles. NoHo Commons also includes 60,000 square feet of retail space, 278 loft apartments and 14 live/work units.

For DivcoWest, purchase of Lankershim Plaza brings more than 1 million square feet of metro Los Angeles office space into the San Francisco-based company’s fold. The largest property in this portfolio stands in Glendale — the 592,000-square-foot Glendale Plaza — which DivcoWest acquired in 2017 from PGIM Real Estate for $179 million.

Michael Aushenker
Michael Aushenker
A graduate of Cornell University, Michael covers commercial real estate for the San Fernando Valley Business Journal. Prior to the Business Journal, Michael covered the community and entertainment beats as a staff writer for various newspapers, including the Jewish Journal of Greater Los Angeles, The Palisadian-Post, The Argonaut and Acorn Newspapers. He has also freelanced for the Santa Barbara Independent, VC Reporter, Malibu Times and Los Feliz Ledger.

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