Related California has listed an 18-story luxury apartment building in the heart of Hollywood for an undisclosed price.
The Irvine-based affiliate of Related Companies has put its 114-unit Argyle House at 1755 Argyle St. up for sale, the Commercial Observer reported.
The company built the boutique luxury tower in 2018 at a cost of $90 million, media reports show.
Cushman & Wakefield is marketing the property, but did not include an asking price, according to the Observer. It said marketing materials show the property is offered on an all-cash basis or with financing in place of $80 million in debt at 3.65 percent interest.
The posh high-rise, billed by its developer as a residence for “power agents, tech entrepreneurs and studio executives,” is next to the Capitol Records and around the corner from the Pantages Theatre, the W Hollywood hotel and a Metro Red Line station.
The Argyle House was designed by Large Architecture, based in Pico-Robertson, with a nod to the mid-century circular Capitol Record tower built to look like records stacked on a turntable with the spindle jutting toward the clouds.
The Argyle House’s lofty rents include $21,000 a month for a three-bedroom corner terrace, with views of the Pacific Ocean and the Hollywood sign, to $2,900 for a studio, according to its website.
The apartments, with interiors designed by Sawtelle-based Marmol Radziner & Associates, include floor-to-ceiling windows, private balconies, and gourmet kitchens with cabinets in white oak and bronze.
The building also has a library with conference rooms, an entertainment lounge, fitness center and outdoor pool, spa, and a barbecue area.
The once rundown section of Hollywood has drawn major entertainment companies, such as Netflix and Paramount Media brands including MTV, Comedy Central, BET, VH1, Spike and TV Land.
They’ve been followed by posh apartment projects.
Mill Creek Residential Trust is building a 276-unit, mixed-use project at Argyle and Selma avenues, near its two-building Modera Hollywood project. The Modera Argyle is set to open in 2024.
New York-based Millennium Partners also hopes to build the Hollywood Center, a $1 billion residential and retail complex proposed near Capitol Records. But the 1.3-million-square-foot megaproject stalled after the discovery of an earthquake fault running beneath the project.
[Commercial Observer] – Dana Bartholomew
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