A joint venture between Korman Communities (Korman), the multi-dimensional real estate company behind the leading luxury serviced residence collection, AKA, and a Brookfield-managed U.S. core-plus fund (Brookfield) have announced the acquisition of 8500 Sunset Boulevard (8500 Sunset) in West Hollywood from LA-based, CIM Group. 8500 Sunset, located along the iconic Sunset Strip on the corner of La Cienega and Sunset Boulevards, is a 225,864-square-foot mixed-use development consisting of two eight-story towers. The property currently has both residential and retail offerings.
To be operated by Korman, the towers will include two distinct lifestyle offerings. The West Tower will consist of 110 elegantly appointed AKA serviced residences available by the month. The adjacent East Tower will consist of 80 luxury apartments, which will be available for annual leasing.
Both towers will each have its own residential amenities, including a lounge, a fitness center, and a business center. The West Tower will also feature a terrace and resort-style pool, while the East Tower will offer a café as well as a cinema, vinyl and virtual reality studio.
The property’s current retail tenant is well-known California-based style house Fred Segal, as well as a new restaurant from a celebrated local restauranteur. An open-air plaza connects the buildings to the restaurants and shops on The Strip.
“We’re thrilled to be acquiring this property in partnership with Brookfield,” said Brad Korman, co-CEO of Korman Communities. “We believe these new offerings will be a strong addition to the legendary Sunset Strip and City of West Hollywood.”
This is the second property for AKA in Los Angeles, where the brand operates AKA Beverly Hills, a luxury serviced residence with a celebrity clientele and in-suite dining provided by the adjacent Spago.
“Our intention with this acquisition is to operate annual luxury apartments in one tower and Korman Communities’ industry leading furnished residences available for stays one month or longer in the other tower,” added Larry Korman, President of AKA. “We are committed to working collaboratively with the City of West Hollywood and abiding by all local laws.”
Korman and Brookfield were represented by Goodwin Procter LLP in the deal, and the seller was represented by Marc Renard of Cushman & Wakefield.
Dubbed as “Walker’s Paradise,” the property is located in the heart of West Hollywood’s vibrant culture scene, just steps from LA’s most notable restaurants, high-end shopping, eclectic music venues, swanky art galleries, exclusive clubs and more.
AKA, a division of Korman Communities, is an innovative portfolio of luxury serviced residences in prestigious metropolitan locations, including New York City (AKA Central Park, AKA United Nations, AKA Sutton Place, AKA Times Square and AKA Wall Street), Philadelphia (AKA Washington Square, AKA Rittenhouse and AKA University City), Beverly Hills, Washington, D.C. and London. Across the brand, architecturally inspired, spacious accommodations offer the privacy of a luxury residence integrated with hotel-style services and amenities. While each property is unique and has distinct resident offerings, all feature AKA brand standards and amenities, such as exclusive lounges, eateries, a.fitness workout centers outfitted with TechnoGym equipment, business centers, complimentary meetings spaces, complimentary high-speed Internet access in suites and throughout the properties, en-suite dining, 24-hour front desk assistance and dedicated doormen. In addition, residents at most of AKA’s properties can enjoy a.cinema, AKA’s intimate screening room. All suites include top-of the-line, fully accessorized kitchens; contemporary furnishings; luxurious bathrooms; a.sleep, AKA’s custom Italian bedding; meticulous housekeeping; premium cable; HBO, and complimentary local phone calls. Select penthouse suites have Apple TV. AKA created the first outdoor bedroom (at AKA Central Park) and the first mobile suite (at AKA Beverly Hills) and carries a.vod and a.vin, AKA’s branded vodka and wine. The length of stay at AKA varies depending on the regulations in each destination. www.stayaka.com
About Korman Communities
Korman Communities, has three residential real estate brands: AKA and AVE. AVE, Korman’s contemporary apartment communities, feature both elegantly furnished apartments and unfurnished apartments with hotel-quality services and amenities in New Jersey, Pennsylvania, and California. The four-generation firm has constructed more than 30,000 single family homes, 12,000 apartments and townhouses, as well as 2 million square feet of industrial and commercial space. Korman Communities is a fully integrated real estate company with development, management and financial capabilities operating throughout the eastern United States. www.kormancommunities.com