JLL secures several over-asking offers for seller who was not subject to new ULA tax because of its non-profit status
News release
18 March 2024
Non-profit acquires office in Hollywood for $5.37 million
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LOS ANGELES, March 19, 2024 – JLL announced today that Los Angeles Beautification Team, a nonprofit dedicated to resource conversation and community improvement, has sold its 6,743-square-foot office building on an 18,000 square foot lot, located at 1741 N. Cherokee Avenue in Hollywood, California for $5,375,000 million. The buyer was Big Sunday, a non-profit committed to helping others through service projects and giving opportunities. Big Sunday will use the building for its headquarters. Move-in is scheduled for April of this year.
JLL’s Nicole Mihalka and Cal Ross, along with the Kenny Stevens team at Compass represented Los Angeles Beautification Team. Even though the price of the property exceeded $5 million, the sale was not subject to the region’s new ULA tax (aka “the mansion tax”) because of the seller’s non-profit status.
“As our service area grew and the demand for our community improvement services increased, we had outgrown our facility in Hollywood. When we decided to sell, we were thrilled to receive multiple offers and select Big Sunday, another non-profit doing great work in this community”, said Sharyn Romano, CEO, Los Angeles Beautification Team. “Hollywood is still our home with our administrative and field office hub remaining on Cherokee Avenue, along with an expanded nursery operation located in the San Fernando Valley.”
“Over the past several years we have experienced tremendous growth thanks to our volunteers and generous contributions,” said David Levinson, Founder and Executive Director, Big Sunday. “This building is the perfect fit for us as we continue our mission of connecting people through helping.”
Built in 2012, 1741 N. Cherokee Avenue was designed by the renowned architects Gruen Associates. The building boasts up to 18-foot ceiling heights with multiple offices and a large training room. It also features a spacious 7,000-square-foot landscaped outdoor green space.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.