Popularity of Owner/User and Flexible Workspaces Increases Sales
The Californer/10132134

UNIVERSAL CITY, Calif. - Californer -- Lee & Associates- LA North/Ventura (https://www.lee-associates.com/offices/office/?...) brokers Scott Romick, managing director and principal and Darren Casamassima, principal, have negotiated the sale of a number of units at Thirty Four Fifty West located at 3450 Cahuenga Blvd. West, Universal City, CA (https://thirtyfourfiftywest.com/live-work/). The most recent sale was for a nearly 2,000 square foot unit for $960,000. Romick and Casamassima represented the buyer, a private owner user in the fashion industry.

"Many businesses have been moving out of large multi-tenant buildings to smaller self-contained and controlled, private buildings for their own use. Additionally, with low SBA rates and attractive terms, partially due to the CARES Act, buying a building is relatively easy," said Scott Romick.

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Romick and Casamassima of Lee and Associates- LA North/Ventura were retained to represent the owner in the sale of these special owner/user opportunities in one of the most unique real estate assets in this market. So far, 25 have been sold in the last 24 months with 4 already in 2021. Buyers have mostly been companies that appreciated the location, value, security and style of the property, especially with operable windows, usable balconies and a small yard.

"Production studios are in demand in Los Angeles but so are the multimedia office complexes nearby. 3450 West is in a prime location as the campus lies at the crossroads between the East Valley Media and Entertainment area and Hollywood, central to all of the main Film and TV studios, new and old mediums," said Darren Casamassima. "We're very close to some of the many studio and production-focused office developments in the works around Los Angeles. Many have been fueled by the rise in original content on streaming platforms from Amazon, Netflix, Apple and Disney. Work is underway on NBC Universal's 400,000-square-foot office campus at the Universal Studios backlot in Universal City which is just around the corner."

To learn more about 3450 West, reach out to Scott Romick and Darren Casamassima and visit lee-associates.com (http://www.lee-associates.com/) and/or www.3450cahuenga.com.