Mixed-Use Development Site - ±1.14 Acres of Land W Sunset Blvd

Home , Culture of Los Angeles, Sunset Boulevard

Mixed-Use Development Site - ±1.14 Acres of Land W Sunset Blvd. 2225 Zoned for ±170 Residential Units and Los Angeles, CA ±10,000 SF of Retail Space under TOC Tier 3

DOWNTOWN LOS ANGELES

ECHO PARK LAKE

2225 W. SUNSET BLVD. LOS ANGELES, CA W. SUNSET BLVD.

W. SUNSET BLVD.

2225 W SUNSET BLVDOffers | OFFERING Due: Friday, MEMORANDUM September 27, 2019 by 5:00 PM www.2225Sunset.com1 ELSINORE STREET

2225 W. SUNSET BLVD. LOS ANGELES, CA MOHAWK STREET

W. SUNSET BLVD.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 2 DOWNTOWN LOS ANGELES

Jensen's Recreation Echo Park Center Farmer's Market

Angelus Temple The Echo ECHO PARK LAKE

Echoplex

Taix French ECHO PARK

Terra Mia Coffee Casa Buona

Larchmont Bungalow

The Habit Burger

Starbucks Reserve SANDRA CISNEROS Mohawk Bend LEARNING ACADEMY

Bar Badini Adante Coffee Roasters 2225 W. SUNSET BLVD. LOS ANGELES, CA

W. SUNSET BLVD. Silver Lake Ramen 2 Go

2225 W SUNSET BLVD | OFFERING MEMORANDUM 3 EAGLE ROCK

ATWATER HIGHLAND PARK VILLAGE

LOS FELIZ SILVER LAKE SUNSET JUNCTION HOLLYWOOD

2225 W. Sunset Blvd.

ECHO PARK DODGER STADIUM LINCOLN HEIGHTS

KOREATOWN CHINATOWN MID-WILSHIRE DLTA CORE ARTS DISTRICT

2225 W SUNSET BLVD | OFFERING MEMORANDUM 4 GRIFFITH OBSERVATORY ATWATER HIGHLAND VILLAGE PARK

LOS BEL AIR FELIZ HOLLYWOOD WEST SILVER LAKE HOLLYWOOD 2225 W. Sunset Blvd. 405

UNIVERSITY OF ECHO CALIFORNIA, BEVERLY HILLS PARK LOS ANGELES KOREATOWN CHINATOWN MID-WILSHIRE CENTURY CITY

PICO UNION DOWNTOWN LOS ANGELES 60 SANTA MONICA UNIVERSITY OF CULVER CITY SOUTHERN CALIFORNIA CRENSHAW MAR VISTA

KENNETH HAHN LEIMERT PARK STATE RECREATION AREA VERNON 405 SOUTH LOS ANGELES VENICE HUNTINGTON MARINA PARK DEL REY BELL

INGLEWOOD PACIFIC PLAYA DEL REY SOUTH GATE OCEAN LAX

2225 W SUNSET BLVD | OFFERING MEMORANDUM 5

© 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

Layout ID:L04 MapId:6424883 2225 W Sunset Blvd. Los Angeles, CA Table of Contents Page 7 PROPERTY DESCRIPTION

Page 16 RENT AND SALES COMPARABLES W. SUNSET BLVD.

Page 24

2225 W. SUNSET BLVD. AREA OVERVIEW LOS ANGELES, CA

Contacts

LAURIE LUSTIG-BOWER Executive Vice President +1 310 550 2556 [email protected] Lic. 00979360

KADIE PRESLEY WILSON Vice President +1 310 550 2575 [email protected] Offers Due: Friday, September 27, 2019 by 5:00 PM Lic. 01476551 www.2225Sunset.com 2225 W SUNSET BLVD | OFFERING MEMORANDUM 6 2225 W Sunset Blvd. Los Angeles, CA DOWNTOWN LOS ANGELES

ECHO PARK LAKE Property

2225 W. SUNSET BLVD. LOS ANGELES, CA Description W. SUNSET BLVD.

W. SUNSET BLVD.

www.2225Sunset.com 2225 W SUNSET BLVD | OFFERING MEMORANDUM 7 The Opportunity CBRE Inc., as exclusive advisor, is pleased to present a mixed-use development opportunity located on iconic West Sunset Blvd., adjacent to the eclectic neighborhood of Echo Park. Previously 2218 Elsinore entitled for 62 units with retail, 2225 W. Sunset Blvd., is zoned for up to Residential ±170 residential units and approximately ±10,000 square feet of Vacant retail space under TOC Tier 3. The property is comprised of ±1.14 acres of land. 2216 Elsinore The existing improvements consist of several residential buildings Residential and commercial buildings with over 200 feet of frontage along West Vacant Sunset Blvd. In 2018, most of the residential buildings were vacated using the Ellis Act.

The seller of the subject property is currently in escrow to purchase an

adjacent parcel located at 1121 Mohawk St. for $1.2 million. A buyer 2231 W Sunset 1121 Mohawk will have the ability to assume the seller’s escrow on 1121 Mohawk 2231 ½ W Sunset Residential Residential 1 Tenant St. Offers made for the subject property should be exclusive of the Vacant land at 1121 Mohawk St., but should specify if the buyer would like to assume the seller’s escrow for that parcel. Acquiring 1121 Mohawk St. will provide access to the subject property from Mohawk Street.

1121 Mohawk St. is zoned R3-1VL and would add an additional 15 units utilizing Tier 3 TOC, for a total of ±170 developable units on the 2227 ½ W Sunset subject property. The parcel is improved with one single family home 2227 ¼ W Sunset and the resident will vacate six months from the close of escrow. 2227 ¾ W Sunset 2227B W Sunset 2229 ½ W Sunset Straddling the neighborhoods of Echo Park and Silver Lake, 2225 2229 ¼ W Sunset W. Sunset Blvd. provides a developer with a unique opportunity to 2229 ¾ W Sunset Residential 2233 & 2235 employ TOC incentives to deliver a significant number of residential Vacant W Sunset units in a very desirable submarket, as well as to capitalize on the Commercial 2225, 2227 & 2229 Vacant incredible retail demand in the area. W Sunset Commercial 2225 W. Sunset Blvd. is offered to the market on an unpriced basis. 1 Tenant - has a 2217 & 2223 W Sunset move out date of Vacant Lots Offers due Friday, September 27, 2019 by 5:00 PM. 9-30-19

2225 W SUNSET BLVD | OFFERING MEMORANDUM 8 Property Information 2217-2235 W. Sunset Blvd. Previous Entitlements 2216-2218 Elsinore St. Addresses 1121 Mohawk St. The property was previously entitled for 62 units and ±9,600 Los Angeles, CA 90026 square feet of retail space. Utilizing TOC Tier 3, a developer can build up to ±170 residential units and approximately 5402-031-026 10,000 square feet of retail. Assessor Parcel Number 5402-031-023

±49,517 SF or Lot Size ±1.14 Acres Property due dilligence files are available in the website data room: www.2225Sunset.com

Zoning [Q] C2-1VL & R3-1VL

Entitled No 37,571 cars per day at the signalized intersection Council District CD 13 - Mitch O'Farrell of Rosemont Ave. and W. Sunset Blvd.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 9 Property Information Existing Improvements Estimated Address Land SF Type Status Building SF 2217 W Sunset Blvd - Land Vacant 2223 W Sunset Blvd 2225 W Sunset Blvd 1 Tenant - has a 2227 W Sunset Blvd 1,624 Commercial move out date of 2229 W Sunset Blvd 9-30-19 R3-1VL 2233 W Sunset Blvd 1,364 Commercial Vacant 2235 W Sunset Blvd 2231 W Sunset Blvd 1,554 Residential Vacant 2231 1/2 W Sunset Blvd 42,497 2227 1/2 W Sunset Blvd 2227 1/4 W Sunset Blvd 2227 3/4 W Sunset Blvd 2227B W Sunset Blvd 3,116 Residential Vacant 2229 1/2 W Sunset Blvd 2229 1/4 W Sunset Blvd *1121 Mohawk St. 2229 3/4 W Sunset Blvd [Q] C2-1VL 2216 Elsinore St 616 Residential Vacant 2218 Elsinore St 988 Residential Vacant 1 Tenant - will *1121 Mohawk St 7,020 1,221 Residential vacate 6 months after close Total 49,517 10,483

R3-1VL *1121 Mohawk St. - Assumable Escrow The seller of the subject property is currently in escrow to purchase an adjacent parcel located at 1121 Mohawk St. for $1.2 million. A buyer will have the ability to assume the seller’s escrow on 1121 Mohawk St. Offers made for the subject property should be exclusive of the land at 1121 Mohawk St., but should specify if the buyer would like to assume the seller’s escrow for that parcel. Acquiring 1121 Mohawk St. will provide access to the subject property from Mohawk Street. 1121 Mohawk Street is zoned R3-1VL and would add an additional 15 units utilizing Tier 3 TOC, for a total of ±170 developable units.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 1 0 Investment Highlights

Less than 3 miles from 90 WalkScore 37,571 out of 100 cars per day at W. Sunset Blvd. Downtown & Rosemont Ave. Los Angeles

Located between Surrounded by Only and 3.7% retail rents as high as Silver Lake housing vacancy in Echo Park Northeast Los Angeles $9.53/SF NNN submarket

2225 W SUNSET BLVD | OFFERING MEMORANDUM 1 1 Location Highlights

2225 W. SUNSET BLVD. LOS ANGELES, CA Surrounding retail rents as high as $9.53/SF NNN, by Starbucks down the street from the Property.

El Rancho Cosmic Vinyl Market Luxe De Ville Passenger Fruition Mohawk Bend Las Vegas WORSHIP LA Adante Coffee Espiritu Roasters Elf Cafe

P.F. Candle Co. $7.25/SF NNN Verizon Retail Rent W. SUNSET BLVD. $7.16/SF Love Yoga Casa Buona The Habit Starbucks NNN Chipotle Burger Grill Retail Rent $9.53/SF NNN Retail Rent Larchmont Bungalow Cafe

N. ALVARADO ST.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 1 2

Echo Park/Silver Lake Restaurants and Retail

Restaurants

1 MILE

Entertainment

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© 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information shouldLayout takeID:P04 such stepsMapId:6428734 as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

#27, #40, #56, #74 #28, #29, #39, #73, #75, #76

2225 W SUNSET BLVD | OFFERING MEMORANDUM 1 3

Layout ID:L04 MapId:6458130

Layout ID:P04 MapId:6428734

© 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information shouldLayout takeID:P04 such stepsMapId:6428734 as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

Address 1750 Glendale Blvd

Units 62

Levels 5

Address 617 N Dillon St Developer Aragon Properties

49 Units Projected March 2020 Completion Levels 4

Developer CIM

Projected July 2019 Completion

2225 W. Sunset Blvd.

Address 2014 Sunset Blvd

Units 36

Levels 5

Developer Fred Farzan

Projected July 2019 Completion

2225 W SUNSET BLVD | OFFERING MEMORANDUM 1 4

Layout ID:L04 MapId:6439110 2225 W Sunset Blvd. Los Angeles, CA DOWNTOWN LOS ANGELES

ECHO PARK LAKE Rent and Sales

2225 W. SUNSET BLVD. LOS ANGELES, CA Comparables W. SUNSET BLVD.

W. SUNSET BLVD.

www.2225Sunset.com 2225 W SUNSET BLVD | OFFERING MEMORANDUM 1 5 Selected Area Retail Rents

Leased Monthly Annual Lease Photo Tenant Address Sign Date SF Rent/SF Rent/SF Type

Starbucks 2134 W. Sunset Blvd, #G 2,423 $9.53 $114.42 NNN Sept-2017

P.F. Candle Co. 2213 W. Sunset Blvd. 724 $7.25 $87.00 NNN Jun-2018

Verizon 2112 W. Sunset Blvd, #H 1,392 $7.16 $85.89 NNN Apr-2018

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 1 6 Selected Area Retail Rents

Leased Monthly Annual Lease Photo Tenant Address Sign Date SF Rent/SF Rent/SF Type

The Habit Burger 2134 W. Sunset Blvd, #A 2,210 $7.00 $84.00 NNN Dec-2017

Yoga-Urt, Inc. 2211 W. Sunset Blvd. 782 $6.39 $76.68 NNN Sept-2018

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 1 7 Rent ComparalesMultifamily Rent Comparables Rent Comparales Legend

2225 W. Sunset Blvd.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 1 8 © 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

Layout ID:L04 MapId:6465806

Layout ID:L04 MapId:6465806 Multifamily Rent Survey

333B – 333 Belmont Ave., Los Angeles, CA 90026

Developer Units Common Area Amenities: Controlled Access, Fitness Bond Companies 69 Center, Clubhouse, Spa, Rental Office - Stand Alone

Completed Occupancy Parking: Total Parking - 138 Spaces, Covered Parking Date 95.7% Is Available For An Additional $75 Per Month, Parking June 2017 Type - Subterranean

Improvements Concessions Apartment Interior Amenities: W/D in All Units, Rating None Internet Access, Above Standard Ceiling Height, A Microwave Ovens

% of Unit Size (SF) Actual Rent Unit Type Total Count Unit Total SF Total SF Studio 39.13% 27 463 12,511 $2,089 $4.54

One Bedroom 28.99% 20 706 14,126 $2,563 $3.67

Two Bedroom/One and Three Quarter Bath 18.84% 13 1,051 13,666 $3,543 $3.37

Three Bedroom/One and Three Quarter Bath 5.80% 4 1,226 4,904 $6,348 $5.18

Penthouse 1.45% 1 503 503 - -

Penthouse - One Bedroom/Loft/One and Three Quarter Bath 1.45% 1 928 928 - -

Penthouse - Two Bedroom/Loft/One and Three Quarter Bath 1.45% 1 1,142 1,142 $4,324 $3.79

Penthouse - Three Bedroom/One and Three Quarter Bath 1.45% 1 1,158 1,158 - -

Penthouse - Three Bedroom/Loft/One and Three Quarter Bath 1.45% 1 1,436 1,436 $7,480 $5.21

TOTAL/AVERAGE 100% 69 730 50,374 $3,261 $3.96

Source: Yardi

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 1 9 Multifamily Rent Survey

The Elysian – 1115 W. Sunset Blvd., Los Angeles, CA 90012

Developer Units Common Area Amenities: Controlled Access, Fitness Linear City 96 Center, Business Center, Clubhouse, Rental Office - Stand Alone

Completed Occupancy Parking: Total Parking - 138 Spaces, Covered Parking Date 97.9% Is Available For An Additional $150 Per Month, Parking August 2014 Type - Above Ground and Subterranean

Improvements Concessions Apartment Interior Amenities: W/D Hook-Ups, Rating None Internet Access, Optional Monitored Security, Above A Standard Ceiling Height, Microwave Ovens

% of Unit Size (SF) Actual Rent Unit Type Total Count Unit Total SF Total SF

Studio 26.04% 25 728 18,188 $3,256 $4.47

One Bedroom 43.75% 42 880 36,954 $3,191 $3.63

Two Bedroom/Two Bath 13.54% 13 892 11,596 $3,684 $4.13

Three Bedroom/Three Bath 3.13% 3 1,483 4,449 $6,041 $4.07

Penthouse - Two Bedroom/Two Bath 13.54% 13 1,213 15,770 $5,642 $4.65

TOTAL/AVERAGE 100% 96 906 89,957 $3,695 $4.08

Source: Yardi

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 2 0 Multifamily Rent Survey

HoM @ West Temple – 3221 W. Temple Street, Los Angeles, CA 90026

Developer Units Common Area Amenities: Controlled Access, Fitness Sharp Capital 67 Center, Clubhouse, Rental Office - Stand Alone

Completed Occupancy Parking: Total Parking - 118 Spaces, Covered Parking Date 97.0% Is Available For An Additional $125 Per Month, Parking March 2016 Type - Grade Level

Improvements Concessions Apartment Interior Amenities: W/D in All Units, Rating None Internet Access, Above Standard Ceiling Height, A Microwave Ovens

% of Unit Size (SF) Actual Rent Unit Type Total Count Unit Total SF Total SF One Beedroom 23.88% 16 685 10,954 $2,455 $3.59

Two Bedroom/Two Bath 71.64% 48 990 47,535 $2,955 $2.98

Three Bedroom/Two Bath 4.48% 3 1,215 3,645 $3,799 $3.13

TOTAL/AVERAGE 100% 67 927 62,134 $2,873 $3.10

Source: Yardi

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 2 1 Select Multifamily Sold Comparables Criteria: Properties located in LA County, 100 units or more, $500/PSF +, sold from July 2017 - July 2019 Source: CoStar, Sorted by Price per Square Foot

Property Address City Zip Units Sale Price Cap GRM $/Unit $/SF Bldg SF Built Date

313 W California Ave Glendale 91203 183 $86,200,000 4.30% - $471,038 $1,121 76,893 2017 08/01/18 12700 Elliott Ave El Monte 91732 421 $72,500,000 4.27% - $172,209 $967 75,000 1966 03/01/18 1040 Glendon Ave (Part of Multi-Property Sale) Los Angeles 90024 350 $307,924,574 - - $879,784 $895 343,949 2008 06/07/19 801 S Olive St (Part of Portfolio) Los Angeles 90014 363 $280,000,000 - - $771,350 $875 320,000 2017 05/19/18 801 S Hope St Los Angeles 90017 290 $220,000,000 - - $758,621 $733 300,000 2014 12/01/18 732 S Spring St (Part of Multi-Property Sale) Los Angeles 90014 300 $203,500,000 - - $678,333 $727 280,000 2018 07/02/19 5550 Hollywood Blvd Los Angeles 90028 280 $148,000,000 - - $528,571 $715 206,863 2017 10/12/18 755 S Spring St (Part of Multi-Property Sale) Los Angeles 90014 275 $199,625,000 - - $725,909 $705 283,351 2018 07/02/19 616 Esplanade Redondo Beach 90277 105 $53,500,000 - - $509,524 $651 82,203 1971 05/09/19 770 S Grand Ave (Part of Portfolio) Los Angeles 90017 700 $374,000,000 - - $534,286 $648 577,000 2015 05/19/18 530 W 27th St (Part of Portfolio) Los Angeles 90007 161 $96,250,000 - - $597,826 $633 152,000 2011 05/22/18 680 S Berendo St Los Angeles 90005 321 $117,000,000 4.80% - $364,486 $598 195,545 2014 09/21/17 707 E Ocean Blvd Long Beach 90802 223 $132,850,000 - - $595,740 $590 225,000 2016 07/07/17 11622 Aviation Blvd Inglewood 90304 264 $123,000,000 4.15% - $465,909 $586 210,000 2016 01/31/18 100 Long Beach Blvd Long Beach 90802 156 $65,400,000 4.00% - $419,231 $574 114,000 2016 12/04/17 12651 Artesia Blvd Cerritos 90703 132 $60,500,000 4.25% - $458,333 $560 108,000 2017 05/01/19 685 S New Hampshire Ave Los Angeles 90005 177 $67,400,000 4.25% - $380,791 $556 121,200 2016 10/06/17 686 E Union St Pasadena 91101 118 $66,080,000 4.00% - $560,000 $549 120,440 2016 06/15/18 7121 Woodley Ave Van Nuys 91406 126 $42,835,000 4.28% 14.73 $339,960 $535 80,000 2016 07/12/17 211 N Valley St Burbank 91505 145 $59,000,000 3.60% - $406,897 $534 110,566 1974 11/09/17 5416 N Fair Ave (Part of Portfolio) North Hollywood 91601 438 $201,514,354 - - $460,078 $532 378,717 2007 09/19/17 1613 Ximeno Ave Long Beach 90804 206 $72,000,000 4.29% - $349,515 $513 140,236 1985 02/01/19 138 N Beaudry Ave Los Angeles 90012 210 $88,275,000 4.00% - $420,357 $508 173,686 2008 06/20/18 1515 Wilshire Blvd Los Angeles 90017 218 $83,750,000 - - $384,174 $508 165,000 2016 07/11/17 348 S Hauser Blvd (Part of Multi-Property Sale) Los Angeles 90036 1,132 $349,870,523 - - $309,073 $500 700,000 2005 07/05/17

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 2 2 2225 W Sunset Blvd. Los Angeles, CA DOWNTOWN LOS ANGELES

ECHO PARK LAKE Area

2225 W. SUNSET BLVD. LOS ANGELES, CA Overview W. SUNSET BLVD.

W. SUNSET BLVD.

www.2225Sunset.com 2225 W SUNSET BLVD | OFFERING MEMORANDUM 2 3 Echo Park

The neighborhood of Echo Park is centered around the lake of the same name. In 2013, Echo Park Lake re-opened to the public following a $45 million renovation. Local residents can enjoy pedal boating among the lotus flowers that bloom on the lake in addition to 16-acres of recreation. Every Friday the SEE-LA Echo Park Farmer's Market is held at Logan Street and W. Sunset Blvd., just north of the park.

W. Sunset Blvd. in Echo Park is home to a multitude of trendy bars such as Bar Bandini, bar-arcades such as Button Mash, and well-known indie music venues The Echo and Echoplex, which draw crowds of music through out the week. Restaurants options range from Mexican vegan eatery Sage Vegan Bistro, to Taix French, a family-owned restaurant opened in 1927. Alongside third-wave coffee shops such as Andante Coffee Roasters, there is the newly opened Starbucks Reserve, a high-end, immersive coffee concept.

Echo Park combines the best of urban living, being both a highly walkable vibrant neighborhood while also conveniently located to Downtown Los Angeles, Dodger Stadium, Silver Lake, Los Feliz, and Hollywood.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 2 4 Echo Park Amenities

2225 W. Sunset Blvd.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 2 5 Silver Lake

A short three-mile drive from Downtown Los Angeles The Music Box. Over the past 20 years, this central along iconic Sunset Boulevard, Silver Lake is well known LA neighborhood has transitioned from urban grit as a mecca for hipsters, artists, foodies and boutique to sophisticated chic, while retaining an authentic shoppers, and is often described as the Brooklyn of vibe that is diverse and eclectic. Silver Lake was recently Los Angeles. Residents of Silver Lake are diverse, voted the Hippest Neighborhood in Los Angeles by with a unique mix of celebrities, creative types, urban Forbes magazine. professionals and families. Adjacent neighborhoods Echo Park, Atwater Village, The neighborhood has a rich history, starting with East Hollywood and Elysian Heights have experienced the film industry – Walt Disney built his first large signification redevelopment, partly due to spillover studio here, Tom Mix had his studio nearby, and the from Silver Lake. numerous "hidden staircases" provided backdrops for many films, including Laurel and Hardy’s film,

2225 W SUNSET BLVD | OFFERING MEMORANDUM 2 6 Downtown Los Angeles

The renaissance of Downtown Los Angeles that began The diverse districts of Downtown Los Angeles each in the late 1990’s has attracted over $17.3 billion of have distinct characteristics and amenities. Downtown's investment. The transformation continues today with employers, including multinational corporations many historic buildings having been converted into AECOM, AEG and Ernst & Young, are located in the lofts, new mid- and high-rise residential buildings being Financial District. South Park is the location of the LA built, and numerous retail businesses and restaurants Convention Center, the Staples Center and the L.A. Live choosing to locate in Downtown. entertainment complex. The city's major art institutions, among them the Walt Disney Concert Hall and the Broad Downtown Los Angeles is well-served by the freeway Museum, are located along Grand Avenue in the Civic network and is bounded by the Los Angeles River to Center neighborhood which also includes City Hall. A the east, 101 Hollywood Freeway to the north, the 10 former industrial area, today the Arts District is home Santa Monica Freeway on the south and just west of the to the Southern California Institute of Architecture 110 Harbor Freeway on the west. It is the hub of the (SCI-ARC) along with a multitude of art galleries, METRO, a network of six separate lines (the Blue, Red, photography studios, and video and media companies Purple, Green, Gold and Expo Lines) serving 80 stations including Warner Music Group which recently relocated through out LA County. At 87 miles, it is the second its headquarters to the Arts District. largest light rail system in the United States.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 2 7 STAPLES CENTER & LA LIVE Staples Center is home to the Los Angeles Lakers (basketball), Los Angeles Clippers (basketball), Los Angeles Kings (hockey), and the Los Angeles Sparks (women’s basketball). This world-class arena hosts over 270 events a year and over four million visitors annually. The adjacent LA Live campus boasts the JW Marriott and Ritz Carlton hotel, Microsoft Theater, 18 restaurants, 3 night clubs, the Grammy Museum and a 14-screen Regal Cinema.

THE MUSIC CENTER The Music Center is Los Angeles’ performing arts destination. The campus consists of the Dorothy Chandler Pavilion (LA Opera), Ahmanson Theatre, Mark Taper Forum (Center Theatre Group), and the Frank Gehry-designed Walt Disney Concert Hall (Los Angeles Philharmonic and Los Angeles Mater Chorale). The Music Center also programs and manages Grand Park, a 12- acre greenspace located adjacent to the campus. The Music Center brings the world’s greatest artistic programs and events to Los Angeles, in addition to free community events, festivals, outdoor concerts and arts education.

THE BROAD Located adjacent to the Walt Disney Concert hall, The Broad is Los Angeles’ newest art museum. The $140-million museum was financed by philanthropist Eli Broad, after who it is named, and houses the Broad art collection. Admis- sion to the museum’s permanent collection is free. The Broad’s permanent exhibits include works by Cindy Sherman, Jeff Koons, Roy Lichtensteinn and Andy Warhol. The museum was opened in September 2015 and attracted over 700,000 visitors in its first year.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 2 8 GRAND CENTRAL MARKET Grand Central Market has been in continuous operation since it first opened in 1917. Up to the early 2000’s, the market consisted primarily of grocers, butchers and delicatessens serving local residents. The renaissance of Downtown Los Angeles, and the recent food hall trend sweeping the U.S. has transformed the 30,000-square foot arcade in to a culinary destination. Grand Central Market gained national recognition when it was nominated for Best New Restaurant in 2014 by Bon Appetit Magazine. The market’s 35+ food stalls along with three produce markets reflect the vibrant and diverse culture of Los Angeles.

FIGAT7TH Reopened in late 2012 after a $40 million makeover, FIGat7th is an open- air shopping mall located in the Financial District. Notable tenants include City Target, Nordstrom Rack, Zara, Sunglass Hut, H&M, MAC Cosmetics and L’Occitane. The center also features numerous restaurant and eatery options including California Pizza Kitchen, Loteria Grill, Morton’s Steakhouse, Mendo- cino Farms, Sprinkles Cupcakes, City Tavern, and Starbucks.

THE BLOC In 2013, The Ratkovich Company acquired the dated Macy’s Plaza for $241 million, which included the retail portion (Macy’s, Express, Bath and Body Works, LA Fitness) as well as the 23-story, 485-room Sheraton hotel and the 33-story, 700 South Flower office tower. Ratkovich spent $180 million in renovations to the entire complex, transforming it into a premium shopping, dining, business, and leisure destination in the heart of downtown's Financial District. The development is directly connected to the heavily-travelled 7th & Metro subway station.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 2 9 Nearby Employment Centers

BURBANK GLENDALE

BEVERLY HILLS / WEST HOLLYWOOD PASADENA

2225 W. Sunset Blvd.

HOLLYWOOD DOWNTOWN LOS ANGELES

PACIFIC OCEAN

2225 W SUNSET BLVD | OFFERING MEMORANDUM 3 0

Layout ID:L04 MapId:6443792 Employers within 5 Miles DOWNTOWN LOS ANGELES 8 min drive* Downtown Los Angeles has over 30.0 million square feet of Employer Employees office space and nearly 500,000 employees. Downtown is home to some of the largest employers in the Greater Los Angeles region, including multinational corporations such as 1 LAC & USC Medical Center 8,000 AEG, AECOM, Ernst & Young and Warner Music Group and companies such as Wedbush Securities, City National Bank Kasier Permanente Los Angeles 6,060 and Oaktree Capital Management. 2 Medical Center HOLLYWOOD 8 min drive* 3 Paramount Pictures Corp 3,000 Home of the motion picture, radio and television industry, Paramount, Viacom, Capitol Records, the Academy of Motion Picture Arts and Sciences, and Technicolor are all located 4 Ernst & Young 2,000 in Hollywood. Netflix relocated to Hollywood in 2017 and continues to expand its footprint, claiming 1.5 million SF of space in existing assets or developments underway. 5 Southern California Gas Company 2,000 GLENDALE 10 min drive* 6 PWC 1,700 Downtown Glendale has 6.7 million square feet of office space, with some of the largest employers in the region such as Nestle USA headquarters, Whole Foods Western 7 Good Samaritan Hospital 1,300 headquarters, DreamWorks Animation SKG, The Walt Disney Company, Citibank, Avery Dennison, LegalZoom.com, Unum Group, HealthNet, Allstate, and United Healthcare. 8 KPMG 1,300 BEVERLY HILLS/CENTURY CITY 18 min drive* 9 Blue Shield of California 1,000 Beverly Hills is one of the most celebrated and in-demand destinations in the world. With an economy near $20 billion annually, Beverly Hills ranks first among mid-to-large sized 10 Gibson Dunn & Crutcher LLP 1,000 cities in the United States for retail sales per capita. Some of Los Angeles’ largest private equity and venture capital firms are located in Beverly Hills. Neighboring Century City * Drivetimes shown without traffic from 2225 W. Sunset Blvd. is home to 20th Century Fox and the Creative Artists Agency.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 3 1 AFFILIATED BUSINESS DISCLOSURE CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an Affiliate) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the Property), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s). CONFIDENTIALITY AGREEMENT Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (Owner) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc. DISCLAIMER This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented as iswithout representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner. Copyright Notice © 2019 CBRE, Inc. All Rights Reserved.

2225 W SUNSET BLVD | OFFERING MEMORANDUM 3 2 Mixed-Use Development Site - ±1.14 Acres of Land W Sunset Blvd. 2225 Zoned for up to ±170 Residential Units and Los Angeles, CA ±10,000 SF of Retail Space under TOC Tier 3

W. SUNSET BLVD.

2225 W. SUNSET BLVD. LOS ANGELES, CA

LAURIE LUSTIG-BOWER KADIE PRESLEY WILSON Executive Vice President Vice President www.2225Sunset.com +1 310 550 2556 +1 310 550 2575 Offers Due: [email protected] [email protected] Friday, September 27, 2019 by 5:00 PM Lic. 00979360 Lic. 01476551

© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. 2225 W SUNSET BLVD | OFFERING MEMORANDUM 3 3