Dealmaker: LPC West, Geyser Holdings Acquire Hollywood Office, Entertainment Campus for $186M

LPC West, Los Angeles, and Geyser Holdings, Encinitas, Calif., acquired creative office campus 959 Seward in Hollywood, Calif.

The Los Angeles Times reported the venture paid $186 million for the 261,000-square-foot campus.

Los Angeles-based developer Jerry Snyder built the property in 2015. Snyder passed away last May; 959 Seward is the first property in the J.H. Snyder Co. portfolio to be sold since Snyder’s passing.

LPC West Executive Vice President Rob Kane said the venture liked the Class A campus’ size, quality and Hollywood location.

The property is located across from Sunset Las Palmas Studios and is occupied by five entertainment tenants specializing in production, post-production and film financing.

Hollywood’s media district has seen significant investment over the last two decades. Several prominent media and entertainment companies have headquarters within walking distance from 959 Seward, including Netflix, Capitol Records and Viacom.

Geyser Holdings Managing Member Russell Geyser, who also produces movies, noted his father, Lewis Geyser, was Jerry Snyder’s business partner for 50 years. He said the partners built or purchased many Los Angeles real estate projects including SAG-AFTRA Plaza, the Water Garden Wilshire Courtyard and 959 Seward. “As a producer, I know the value of high-quality office space that facilitates collaboration and fosters creativity, and this hits all the high points,” he said.

The property has two adjacent buildings around a central courtyard. The new owners said they plan “modest” improvements to the property, including enhancing outdoor common areas.