Hankey Investment Co., Barker Pacific Group Buy Sunset Media Center For $61M

The 22-story Sunset Media Center on Sunset Boulevard in Hollywood has a new owner: a joint venture between Barker Pacific Group and Hankey Investment Co., which paid $61M. Previous owner Kilroy Realty has been steadily selling office properties over the last few quarters.  The roughly 326K SF Hollywood office tower was approximately 51% occupied at the time of sale. Tenants include the Hollywood Chamber of Commerce, OpenTable and the AIDS Healthcare Foundation, according to a release from the buyer. “The profile of this acquisition perfectly reflects our desire to own well located, high quality office assets with strong in-place yields, at a fraction of replacement cost, with additional cash flow...