Business
CMCT Invests in Echo Park, Los Angeles
LOS ANGELES--(BUSINESS WIRE)-- CMCT (NASDAQ: CMCT and TASE: CMCT-L) announced today that it, along with a co-investor, has made a $51 million investment in
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[{"type":"text","content":" LOS ANGELES--(BUSINESS WIRE)--\nCMCT (NASDAQ: CMCT and TASE: CMCT-L) announced today that it, along with a co-investor, has made a $51 million investment in 1910 W. Sunset Blvd., and will transform the approximately 99,000-square-foot building into the preeminent creative office property in the Echo Park neighborhood of Los Angeles. CMCT will own approximately 44% of the property.\n\n1910 W. Sunset is an eight-story tower, the tallest in Echo Park, and provides on-site parking and ground-floor retail amenities including two banks and two restaurants. Offices are infused with natural light with floor-to-ceiling windows and provide nearly unimpeded views of Downtown Los Angeles and the region. Among its location attributes is the property’s position in a highly walkable neighborhood with boutique shops and fashion retailers, art studios and galleries, and an eclectic mix of dining.\n\n“1910 W. Sunset is in a centrally located Los Angeles neighborhood with a wealth of retail, restaurant, and recreation amenities. CMCT will reposition the property into collaborative and inspiring creative office space that aligns with the demands of tenants in tech, media, and entertainment industries in the market today,” said David Thompson, Chief Executive Officer of CMCT.\n\nCMCT plans to undertake a capital improvement program to renovate and modernize the building into creative office space, including an update of the lobby and the addition of communal areas, while applying sustainable development and property management policies.\n\n1910 W. Sunset is situated on a 1.24-acre site at the southeast corner of Sunset Boulevard and Park Avenue and one block north of Echo Park Lake, a City of Los Angeles Cultural Historic Monument. The property is conveniently located adjacent to a Metro Line bus stop on Sunset Boulevard, a major regional thoroughfare, and benefits from excellent access to a network of major freeways including the Hollywood (101), Pasadena (110), Glendale (2), and Golden State (5).\n\nABOUT CMCT\n\nCMCT is a real estate investment trust that owns, operates and develops premier multifamily and creative office assets in vibrant and emerging communities throughout the United States. The company is a leader in creative office, acquiring and developing properties catering to rapidly growing industries such as technology, media and enter...