The Souferian Group Sets Another Near-Record Price with Sale of Hollywood Office Building
LOS ANGELES and HOLLYWOOD, Calif., Dec. 18, 2018 /PRNewswire/ -- The Souferian Group, an innovative Los Angeles-based real estate development firm led by founder and Chief Executive Behzad Souferian, has added to their successful track record with another near-record for the highest office sales price ever in Hollywood. The sale of the 92,000-square-foot Class A office property located at 1800 N. Highland Ave., Hollywood, Ca 90028, comes after an extensive reposition and renovation. The Souferian Group implemented their Be brand concept to transform the building into an experiential office environment where work, hospitality, and life seamlessly integrate.
The Souferian Group purchased the building from CIM Group in 2015 and immediately implemented their 360-degree holistic approach to add value. Their efforts resolved the challenges of the property and resulted in ninety percent of the building being leased within 36 months.
"We are thrilled the execution of our business plan, ahead of schedule, has resonated with the marketplace and delivered another value driven result," said Souferian. "Our commitment with Be is to deliver experiential properties that radically shift the way tenants are served."
The Souferian Group renovations ranged from a new entrance to the building with a custom canopy complete with valet services, a lobby with Tom Ford inspired design, a communal landscaped courtyard, an innovative café, and move-in condition office spaces with designer finishes. Tenants have been provided a variety of curated lifestyle amenities at their disposal, such as a concierge, room service-inspired deliveries and Be-branded bikes for tenants' midday errands. Be tenants also were granted membership to Be Benefits, an exclusive program of partner discounts, special offers and inside-the-ropes access to some of the most sought-after establishments.
The appeal of Be attracted established tenants including Live Nation, the global leader for live entertainment, Nokia, the global leader in innovative technology, Dolby, leading audio and visual company, Revolt TV, Diddy's music cable network, Soothe, on-demand app-based massage company and OutFront, one of the largest outdoor media companies.
"Our vision is to deliver a value proposition for those who seek office environments that far exceed the industry standards," said Souferian. "We are excited about our growth plans with Be and its evolution in our upcoming projects."
The Souferian Group has plans in the works to expand the Be concept to other major metropolitan cities across the nation. Projects are slated for Los Angeles, San Francisco, San Diego, New York, Miami and Chicago.
For more information on Be, please visit BeByTSG.com
About The Souferian Group:
Founded by Behzad Souferian, The Souferian Group is a best-in-class, fully-integrated real estate development, investment and advisory company. The company is committed to creating value through a strategic plan dedicated to developing distinctive branded and designed experiential properties. The Souferian Group's successful track record spans acquisitions and developments in multifamily residential, office, mixed-use properties and hospitality. The privately held company acquires and develops projects through its own direct investments or joint venture partnerships. For more information on The Souferian Group, please visit TheSouferianGroup.com
SOURCE The Souferian Group
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