SKB Case Study
The Sunset Tower – Hollywood, CA (SOLD)
- Through its longstanding relationship with the broker, SKB was introduced to the asset and began due diligence prior to its competitors in the marketplace
- Purchased for $750,000 less than the highest bidder as a result of SKB’s willingness to expedite due diligence, offer a non-refundable deposit and close according to agreed upon timeframe
- Opportunity to own one of the most recognizable office properties in a transforming neighborhood and increase occupancy from 87% as the neighborhood became more desirable for office space
- Opportunity to capture unrealized revenue through new signage, installation of automated parking control equipment and redevelopment of the ground floor as retail capitalizing on Sunset Boulevard frontage
- Increased occupancy from 87% to 95% and raised rental rates by 10% in 17 months
- Relocated ground floor tenant and began converting office space to retail, recognizing a 62% increase in rent
- In 2006, SKB sold the asset.
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