Real estate developer J.H Snyder Co. plans to build a $100 million office project in the center of Hollywood, aimed at attracting the entertainment industry.
Snyder has acquired a 3.8-acre parcel on Seward Street next to Hollywood Center Studios and plans to build 225,000 square feet of campus-style office space, including open courtyards, waterscapes, a commissary and “abundant” on-site parking. Terms of the deal were not disclosed.
Snyder noted the current office vacancy rate in Hollywood is 5%.
“Much of the construction in Hollywood recently has turned office space into residential units, leaving a void in the office market,” Jerry Snyder, founder and senior partner, said. “This is an opportunity to build the first class-A office campus in decades from the ground up in Hollywood and bring more jobs to Hollywood.”
The Jerde Partnership will design the office campus. Jerde and Snyder have collaborated on West Hollywood Gateway and NoHo Commons in North Hollywood.