LOS ANGELES–(BUSINESS WIRE)–CIM Group announced today the sale of Hollywood & Highland, the approximately 460,000-square-foot retail and entertainment center in the heart of Hollywood’s tourism and business district. The sale does not include the iconic Dolby Theatre at Hollywood & Highland, the 180,000-square-foot, 3,400-seat live-performance auditorium outfitted with cutting-edge technologies to accommodate a variety of programming.
CIM acquired the Hollywood & Highland complex in 2004, which at that time included the retail and entertainment center, the theatre and the adjacent 632-room hotel. Throughout its stewardship, CIM has made significant enhancements to each of the components that has cemented the property as a destination with domestic and international prominence, serving the local community, while engaging visitors from the surrounding communities as well as around the world. Hollywood & Highland debuted in November 2001, the result of a robust public/private partnership. CIM sold the hotel in 2012, and in 2013 recapitalized the retail and entertainment center in a new CIM-managed joint venture.
“CIM’s repositioning of Hollywood & Highland increased its visibility and provided a stable anchor for the resurgence of Hollywood. The development was envisioned as a catalytic project that would propel private investment and development in the community. We believe we have fulfilled this mission, and established Hollywood & Highland as a major economic generator for the City of Los Angeles,” said Shaul Kuba, Co-Founder and Principal, CIM Group.
CIM will continue to operate the Dolby Theatre, which hosts the annual Academy Awards®. In 2012 CIM executed a new 20-year contract with the Academy of Motion Picture Arts & Sciences to maintain the annual Academy Awards®in Hollywood at Dolby Theatre – the centerpiece of Hollywood & Highland. Concurrently, CIM reached a 20-year agreement with Dolby Laboratories to name the Dolby Theatre. Most recently, CIM entered into a programming arrangement with the historic Hollywood Pantages Theatre to bring Broadway shows to Dolby Theatre expanding Dolby Theatre’s existing array of programming that includes live television productions, movie premieres, concerts, cultural, civic and arts events.
“Following approval of the development of Hollywood & Highland, CIM was among the first private investors to identify the potential in Hollywood, acquiring an office building across the street from the site in 1998. Since then, we have actively developed, repositioned, and operated numerous properties of all types throughout Hollywood and we continue to work on our existing portfolio and new opportunities in this market,” added Kuba.
For more than 20 years, CIM has been an owner and operator of real assets in Hollywood, and has applied its long-standing development and operational expertise including construction management, property management and leasing to enhance Hollywood & Highland as well as its other office, hotel, entertainment, and multifamily residential assets.
ABOUT CIM GROUP
CIM is a community-focused real estate and infrastructure owner, operator and lender. Since 1994, CIM has led more than $60 billion of projects in metropolitan communities across the Americas on behalf of its own account and for its partners and co-investors. CIM’s broad in-house expertise includes decades of research, acquisition, credit analysis, development, finance, leasing and property management experience in real assets located in and serving densely-populated communities, net-lease assets and other associated credit strategies. Using its disciplined approach and extensive in-house expertise, CIM seeks to create value in projects, which ultimately enhances communities. For more information, visit www.cimgroup.com.