JLL Capital Markets arranges the sale of renowned entertainment landmark in Los Angeles, California
News release
17 October 2024
Iconic Dolby Theatre in Hollywood changes hands
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LOS ANGELES, Oct. 17, 2024 – JLL Capital Markets announced today that it has closed the sale of Dolby Theatre, a 3,400-seat, 180,000-square-foot iconic entertainment venue in Hollywood, California.
JLL represented the seller in the transaction. The buyer was a private syndicate of investors.
The Dolby Theatre, located at 6801 Hollywood Blvd., occupies a prime position on the world-famous Hollywood Walk of Fame. This iconic venue sits at the heart of Hollywood, a destination that attracts millions of visitors annually. Strategically situated, the theater benefits from excellent accessibility via the 101 Freeway and Metro Red (B) line, making it a truly transit-oriented location.
The surrounding area boasts a vibrant mix of entertainment, retail and hospitality amenities. Notable neighbors include the adjacent Ovation Hollywood complex and Loews Hollywood Hotel, further enhancing the theater's appeal. This thriving ecosystem contributes to the Dolby Theatre's status as a centerpiece of Hollywood's entertainment landscape, offering visitors and patrons an immersive experience in the entertainment capital of the world.
Built in 2001, Dolby Theatre is renowned for hosting the annual Academy Awards ceremony and numerous high-profile entertainment events. The property includes two surface parking lots totaling 1.45 acres, which provide additional revenue streams and potential future development opportunities. The theatre also generates income from multiple sources, including ticket and event sales, sponsorship revenue and food and beverage sales.
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Director Will Poulsen and Managing Director Peter Hajimihalis. Carl Muhlstein from Muhlstein CRE assisted with the sale.
"The Dolby Theatre represents a unique opportunity to acquire an irreplaceable, world-class entertainment venue in one of the most recognizable locations globally," said Poulsen. "Its prestigious status as home to the Oscars, coupled with its versatile event capabilities and prime location, make it an exceptional long-term investment for the buyer."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
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 110,000 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.