Los Angeles, Calif. – Avison Young has completed the $23 million sale of a five-story 39,248-square-foot (sf) office building located at 1777 Vine Street in Hollywood’s downtown core. The property, which is located directly across the street from the iconic Capitol Records building, is fully occupied by the seller, AMDA College of the Performing Arts. AMDA executed a sale-leaseback agreement at the close of escrow, singing an 18-year lease at the property.

Avison Young Principal and Managing Director Chris Bonbright and Vice President Chase Gordon who are based in the firm’s Los Angeles North office represented AMDA. The buyer, J&L Realty Partners was represented by Craig White of Sotheby’s International Realty.

Built in 1962 with a renovation completed in 2014, the property includes 66 parking spaces and has 84 feet of frontage on the Hollywood Walk of Fame along Vine Street.

“This was a rare opportunity for an investor to own an asset on the world-famous Walk of Fame,” said Bonbright. “There were multiple parties interested, but J&L was able to move quickly and close before Measure ULA went into effect.”

“This transaction was a race against the clock that required unprecedented focus, communication and responsiveness from everyone involved and I’m extremely proud of the results, particularly in light of such challenging market conditions,” added Gordon.

Led by trailblazers Jan and David Martin, AMDA is a fully accredited four-year university that has remained at the forefront of performing arts higher education nationally for nearly 60 years. Today, the college is a thriving institution with campuses in both Hollywood and New York City. The AMDA community includes thousands of prominent alumni in every field of the entertainment industry, as well as a current student body who comes to Hollywood from every state in the U.S. and all over the world. In addition to 1777 Vine Street, AMDA owns and operates several hundred thousand square feet of academic and dormitory properties in Hollywood for its West Coast campus. Accredited both regionally and nationally, AMDA is ranked as one of the premier performing arts colleges in the country.