The American Musical and Dramatic Academy's (AMDA) College of the Performing Arts in Los Angeles has sold the Vine Building, a 5-story office building, on its Hollywood Campus for $23M in a Sale-Leaseback Agreement.
The 39,000 square foot office building located at 1777 Vine St. is fully occupied after AMDA signed an 18 year lease. This was done following the sale of the property to J&L Realty Partners.
The building was built in 1962 and renovated in 2014. The building has classrooms, laboratories, studios and private voice rooms, as well as an education classroom and a general classroom. It also contains a student lounge and film production offices, and a scene shop and storage. This property includes 66 parking spots and 84 feet of Hollywood Walk of Fame frontage.
The four-year performing art university AMDA has campuses both in Hollywood and New York City. AMDA also owns and manages several hundred thousand square foot of residential and academic properties for its West Coast Campus in Hollywood, including a historic eight-story art deco building located at 6305 Yucca St.
AMDA was represented by Chase Gordon and Chris Bonbright of Avison Young. Craig White, of Sotheby’s International Realty, represented the buyer.
Bonbright stated that multiple parties expressed interest in the building prior to J&L securing the deal.
Bonbright said that the sale was completed just before Measure ULA, or L.A.’s Mansion Tax went into effect. The Mint Apartments in L.A., Union Bank Plaza, The Garfield Building, and an office at 801 S. Grand, downtown L.A., were among the properties sold before the tax was imposed.