1910 Sunset OM

OFFERING MEMORANDUM

1900-1918 W SUNSET BOULEVARD LOS ANGELES, CA 90026

ROLF K MCPHERSON BUILDING

1

CONFIDENTIALITY & CONDITIONS All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party.

All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/ or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies.

1900-1918 W SUNSET BOULEVARD LOS ANGELES, CA 90026

ROLF K MCPHERSON BUILDING

CONTACTS INVESTMENT SALE CONTACT Lee Black Managing Director T: 818.657.6539 leeblack321@outlook.com

DISCLAIMER Each Office is Independently Owned and Operated. Broker and Broker’s Agents do not represent or guarantee accuracy of square footage, lot size, condition, features. It is the Buyer’s sole responsibility to perform investigations and satisfy themselves.

Veronica Black Transaction Manager T: 818.657.6617 VeronicaLBlack@outlook.com

CO OP FEE None paid by Seller, commission to Buyer’s Broker, if any, shall be paid by Buyer.

TABLE OF CONTENTS

1

EXECUTIVE SUMMARY

2

2

PROPERTY OVERVIEW

3

AREA OVERVIEW

4

FINANCIAL ANALYSIS

3

THE OFFERING KW Commercial is pleased to present the opportunity to acquire 1910 W. Sunset Boulevard, an 9 story freestanding office building with ground floor retail located in Echo Park, adjacent to Downtown LA

1 4

EXECUTIVE SUMMARY

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OFFERING SUMMARY

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1900-1918 W Sunset Blvd

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Unpriced

ADDRESS

Los Angeles, CA CITY, STATE

99,761

SQUARE FOOTAGE

ASKING PRICE

1965, Renovated 1991 YEAR BUILT

90%

OCCUPANCY

1.24

SITE AREA

5

INVESTMENT HIGHLIGHTS HIGHLIGHTS

HIGHLIGHTS

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HIGHLIGHTS

HIGHLIGHTS

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HIGHLIGHTS

HIGHLIGHTS

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HIGHLIGHTS

HIGHLIGHTS

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HIGHLIGHTS Itati blabo. Ilis es aut que volorunt, inis exceatur sed moloris est latis intiis accum a voloreptate voluptaque sit, arcimus, verciis dusaessi tes ut molutatur, corecum quaecum volore.

6

7

BUILDING HISTORY The Citibank Building – and before that the Cal Fed Building – is the tallest structure in Echo Park, with its nearly 100,000-square feet of space, eight floors of offices, three floors of parking and a rooftop heliport dwarfing the surrounding Sunset Boulevard storefronts.

The tower was conceived in the early 1960s as the former California Federal Savings & Loan capitalized on the post-war building boom, erecting multistoried office buildings in Hollywood and Miracle Mile as well as Echo Park and Eagle Rock.

2 8

The building was designed by Long Beach architects Francis J. Heusel and Frank Homolka and constructed in 1963-1965.

The structure’s original name was the Sunset Glendale Building but it was also known as the Park Sunset but now known as The Rolf K. McPherson Building.

PROPERTY OVERVIEW 9

PROPERTY OVERVIEW

10

Address

1900-1918 W Sunset Boulevard

City, State

Los Angeles, CA

Property Type

Office & Ground Floor Retail

Rentable Area

99,761 +/-

Parcel Size

53,908 SF (1.24+/- Acres)

Year Built

1965, Renovated 1991

Occupancy

90% +/-

Parking Ratio

2.21/1000 (215 Spaces)

Stories

8

Zoning

C2-1L-CDO (Commercial Zone)

APN

5404-001-036 & 5404-001-040 11

FLOOR PLANS

SUITE 650 Available

Suite 650 - FLOORPLAN Size: 8,276 RSF

SUITE 700 (Leased)

SUITE 660 (Leased)

SUITE 705 Available

(Not to scale)

#650 Info: Move-In condition; Double Door Entry; 19 offices (13 window, and 6 standard interior); 2 conference rooms; and break area (w/sink).

12

Suite 705 - FLOORPLAN Size: 1,750 RSF (Not to scale)

#705 Info: Move-In condition; 3 offices; 1 conference room (or office); break area (w/sink) and open space

Storage

SUITE 600 (Leased)

SUITE 740 (Leased)

(Part of Suite 720)

SUITE 720 (Leased)

13

AREA OVERVIEW Echo Park is a neighborhood in Los Angeles, California with a population of 35,802. Echo Park is in Los Angeles County and is one of the best places to live in California. Living in Echo Park offers residents an urban suburban mix feel and most residents rent their homes. In Echo Park there are a lot of bars, restaurants, coffee shops, and parks. Many young professionals live in Echo Park and residents tend to be liberal. The public schools in Echo Park are above average.

LOS ANGELES COUNTY

3 14

The County of Los Angeles holds many disticntions. L.A. is the entertainment capital of the world, a cultural mecca boasting more than 100 museums, and a paradise of idyllic weather. From tourist attractions like the Walk of Fame’s collection of stars (numbering more than 2,614 and growing by one or two a month) to career opportunities like those presented in the expanding tech industry, Los Angeles County is the place to be. It is the only city in North America to have hosted the Summer Olympics twice. Downtown L.A. is the largest government center outside of Washington, D.C. Los Angeles County has the only remaining wooden lighthouse in the state (located in San Pedro’s Fermin Park) and the largest historical theater district on the National Register of Historic Places (located Downtown on Broadway).

4 Metro Stations and Freeways within 8 Minutes

Population is forecast to grow 7% Over the Next Five Years (within 3 Miles)

Average Household Income of $89.6K (25– 44 years) within One-Half Mile

ABOUT THE NEIGHBORHOOD

AREA OVERVIEW

Los Angeles is California’s largest city, the country’s second largest and is home to about 4 million people. Los Angeles is home to many in the entertainment industry. Surrounded by Elysian Park, Elysian Valley, Silver Lake and Chinatown, Echo Park has become a very desirable neighborhood due to its cultural diversity, architectural charm, and classic Los Angeles living. Thoroughfares such as Sunset Boulevard—just 1.3 miles to the north of the property, Temple Street, and Beverly Boulevard are lined with new local businesses and popular nightlife spots that make Echo Park one of the trendiest areas in Los Angeles. Adding to the area’s vibrant culture, Echo Park is home to numerous art festivals which take place year-round, as well as popular music venues including The Echo, Bootleg Theater, and the Echoplex. Recreational neighborhood landmarks include the historic Baxter Steps, Laveta Terrace Stairway, and Elysian Park, all within close proximity to the property. The newly renovated Echo Park Lake, features a walking path, picnic area, paddle boats, and beautiful lotus flower gardens, celebrated in a lotus festival each year.

Trendy Echo Park, Minutes to DTLA and Hollywood

Over 41,600 Vehicles Passing Per Day

15

NEARBY POINTS OF INTEREST Downtown Los Angeles is the city’s urban center where the cutting-edge and the classic sit side-by-side. The area is home to mainstream attractions, including the LA Live entertainment complex featuring Staples Center; Walt Disney Concert Hall and acclaimed theater venues and museums. Long known as the central business district of Los Angeles, DTLA has experienced a renaissance over the years with the influx of bustling restaurants, unique retail, inspiring cultural institutions, music and nightlife and quiet parks. DTLA is attracting a new generation of companies in growth sectors, including world-class architecture firms, pioneering technology startups, popular fashion brands, and new media companies.

THE MUSIC CENTER 2.1 MILES

THE MUSIC CENTER is L.A.’s performing arts destination, home to four iconic theaters and four renowned resident companies, Center Theatre Group, the LA Master Chorale, the LA Opera and the LA Philharmonic. The Music Center is a destination where audiences find inspiration in the very best of live performance, as well as nationally recognized arts education.

The neighboring Walt Disney Concert Hall is an internationally recognized architectural landmark and one of the most acoustically sophisticated concert halls in the world. The 3.6-acre complex is the home of the Los Angeles Philharmonic

DOWNTOWN LIFESTYLE & ENTERTAINMENT AT A GLANCE

690+

180+

Nightlife Options

Dining Options (bars, restaurants, & cafes)

L.A. LIVE 2.5 MILES

16

L.A. LIVE is the sports and entertainment district that surrounds STAPLES Center, home to the LA Lakers, Sparks and LA Kings, and the Microsoft Theater (7,100 seat concert and awards show venue). The multi-use development consists of approximately 4.0 million sq. ft. of building area covering 27.3 acres on six city blocks. In addition to the successful JW Marriott and Ritz-Carlton hotels, with a combined 1,001 rooms, and the 224 luxury Ritz-Carlton Residences, the District includes more than a dozen restaurants and cafes, the 7,100-seat Microsoft Theater, Grammy Museum, nightclub venues, sports bars, high-density housing, broadcast facilities, offices, cinemas, and a one-acre plaza. L.A. LIVE has had a positive impact on Downtown Los Angeles overall and continues to spur further development in the area.

15+

Parks & Green Spaces

THE BROAD MUSEUM 2.4 MILES

THE BROAD MUSEUM, adjacent to the Walt Disney Concert Hall, is a contemporary art museum and home to 2,000 works in the Broad collection by more than 200 artists. It is considered one of the world’s leading collections of postwar and contemporary art. Opened in 2015, the $140 million building was designed by world-renowned architectural firm Diller Scofidio + Renfro in collaboration with Gensler.

The 120,000-square-foot building features two floors of gallery space and has become one of the trendiest cultural destinations in Los Angeles attracting more than 2.1 million visitors.

60+

Theaters & Music Venues

ROW DTLA 4 MILES

25mil

SF of Retail Space

ROW DTLA Covering 32 acres at Seventh and Alameda Street, the 100-year old site and former home of the LA Terminal Market—now called ROW DTLA—is one of Los Angeles’ hippest new destinations. Opened in 2017, this collection of shops, restaurants and offices is spread over six buildings and upon completion will house more than 100 unique stores and 1.3 million square feet of creative office space. ROW DTLA also features an open-air public market, plazas and green space and a newly built 4,000-space parking garage that boasts its own rooftop park.

The tenants of ROW DTLA include Soho House, Zappos, and Shopify alongside local, national and international experiential retail and wellness brands, reflecting the energy and creativity that continues to be drawn to Downtown Los Angeles.

17

NEARBY POINTS OF INTEREST GRAND CENTRAL MARKET

WALT DISNEY CONCERT HALL 2.1 MILES

4 MILES

WALT DISNEY CONCERT HALL The $274 million Walt Disney Concert Hall is home to the Los Angeles Philharmonic Orchestra, theater groups and other performers. Along with the Dorothy Chandler Pavilion and the Ahmanson Theater, the Hall has helped to bring Los Angeles to the forefront of culture in the US. Its opening in 2003 has led to other proposed and planned developments in the surrounding Bunker-Hill area, including the recently opened Broad Museum. The Grand Avenue Authority oversees plans to develop 3.8 million square feet of commercial and residential construction adjacent to the concert hall.

GRAND CENTRAL MARKET , a recipient of Bon Appetit’s Best Restaurants of the Year, is one of DTLA’s historic landmarks and features 40 vendors and a plethora of dining options. Open since 1917, the 30,000 square-foot Grand Central Market is a spacious European-style market showcasing international diversity with upscale restaurant options and food stands featuring produce, dried goods, spices, meats, poultry, seafood and ethnic eateries. In addition to the Market, DTLA is home to classics such as Bottega Louie, Faith & Flower and Perch, as well as local favorites Morton’s The Steakhouse, Engine Co. No. 28, and Border Grill. Casual eateries and food trucks are also area staples.

GRAND PARK 2 MILES

FIG@7TH

GRAND PARK is a 12-acre park located in the civic center of DTLA stretching between Los Angeles City Hall and the Music Center. There are four distinct areas featuring amenities ranging from a restored historic Arthur J. Will Memorial Fountain with a new wade-able membrane pool, a small intimate performance lawn, a community terrace, and a grand event lawn. Dotted with fountains, picnic lawns, play areas, bright pink benches, walking paths and seating areas, Grand Park is a bright urban oasis. Also located in the heart of DTLA is Pershing Square, Los Angeles’ oldest public space. The five-acre urban park spanning a city block is a pedestrian friendly, cultural destination for the city. The Square is made up of hard-scape’s and grass areas for various events and activities. Pershing Square is decorated with fountains, monuments, statues, large seating platform, playgrounds, chess area, pet area and an open elevated myanstyle amphitheater

MOCA 2.3 MILES

MOCA The Museum of Contemporary Art (MOCA) Grand Avenue is a contemporary art museum in Los Angeles and is home to almost 5,000 artworks. Their collection includes masterpieces by classic contemporary artists and new works by emerging and mid-career artists from Southern California and the world.

18

2.6 MILES

FIG@7TH Reopened in the Fall of 2012 after a $40 million makeover, FIGat7th is an open-air shopping mall located in the Financial District of Downtown Los Angeles. 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, Morton’s Steakhouse, Mendocino Farms, Sprinkles Cupcakes, City Tavern and Starbucks.

THE BLOC 2.4 MILES

THE BLOC The Bloc plaza has been transformed into a premium shopping, dining, business, and leisure destination in the heart of downtown. Macy’s upgraded to a flagship department store, and the existing Sheraton has undergone a comprehensive renovation as well. The office tower is being repositioned to offer creative office space aimed at the growing entertainment, technology, and media companies in Los Angeles. The development is directly connected to the heavily-traveled 7th & Metro subway station.

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SELECT DEVELOPMENT IN ECHO PARK

IN

S

S RE

G

O PR

2225 Sunset Blvd

IN

1910 Sunset Blvd Los Angeles, CA 90026

20

916 N Alvarado St

1800 Beverly Blvd

1932 Park Ave

1750 Glendale Blvd

1301 Colton St

Grafton St & Echo Park Ave

S

S E R

G O R

P

TAIX - 1911 Sunset Blvd

418 Firmin St

1314 W Court St

1111 Sunset Blvd

21

1

2

3

4

5

10

11

LEASING - COMPETITIVE SET PROPERTY

SUB MARKET

1910 W Sunset Blvd

Echo Park/ Silver Lake

97,002

10,026

1

221 S Figueroa St

DTLA

119,778

2

261 S Figueroa St.

DTLA

3

345 S Figueroa St.

DTLA

4

533 S Fremont Ave.

DTLA

TOTAL RSF

MAX CONTIGUOS RSF

SUBLEASE AVAILABLE

MONTHLY ASKING RATE

89.66%

8,276

None

$2.95 FSG

1966

3/1000

103,211

13.83%

91,154

None

N/a

1979

1/1000

91,909

44,189

51.92%

40,868

None

N/a

1976

1/1000

53,967

53,967

0.00%

53,967

None

$2.95 MG

1983

1/1000

82,880

AVAILABLE RSF

8,900

OCCUPANCY

89.26%

5,500

None

$2.60 FSG

BUILT

1968

PARKING RATIO

7 11

10

8

1

1/1000

2 9

5

717 Temple St.

DTLA

52,963

14,000

73.57%

14,000

None

$2.75 MG

1978

2.5/1000

6

626 Wilshire Blvd.

DTLA

156,430

35,927

77.03%

12,849

None

$3.20-$3.30 FSG

1966

1/1000

7

501 Shatto Pl.

Mid-Wilshire (Koreatown)

72,276

1,670

97.69%

1,670

None

$3.10 FSG

1971

2/1000

8

695 S Vermont Ave.

Mid-Wilshire (Koreatown)

194,296

26,188

86.52%

5,438

None

$2.60-$2.80 FSG

1973

2/1000

9

1545 Wilshire Blvd.

Mid-Wilshire (Koreatown)

112,230

1,704

98.48%

1,704

None

$2.35 FSG

1964

2.75/1000

10

3450 Wilshire Blvd.

Mid-Wilshire (Koreatown)

154,930

58,417

62.29%

10,877

None

$2.20 FSG

1952

2/1000

3460 Wilshire Blvd.

Mid-Wilshire (Koreatown)

189,936

114,451

39.74%

14,689

None

$2.20 FSG

1952

2/1000

11

22

5

3 4 6

6

7

8

9

23

MAJOR LANDMARKS

AMENITIES MAP

R

IN P

24

S

ES R G O

R

IN P

S

ES R G O

25

INTERIOR PHOTOS

26

27

EXTERIOR PHOTOS

28

29

SOURCES & USES

4 30

TOTAL

$/SF

Debt (65%*)

$xx,xxx,xx

$xx.xx

Total Equity Requirement

$xx,xxx,xx

$xx.xx

Total Sources

$xx,xxx,xx

$xx.xx

Land

$xx,xxx,xx

$xx.xx

Hard Cost & Site Work

$xx,xxx,xx

$xx.xx

Soft Costs

$xx,xxx,xx

$xx.xx

Construction Interest

$xx,xxx,xx

$xx.xx

Financing Costs & Fees

$xx,xxx,xx

$xx.xx

Working Capital

$xx,xxx,xx

$xx.xx

Total Uses

$xx,xxx,xx

$xx.xx

DEBT TERMS & ASSUMPTIONS TERM

FINANCIAL OVERVIEW

Loan Amount Loan To Costs (LTC) All In Rate Term

AMOUNT $xx,xxx,xx xx.xx% x.xx% xxx Months

General Assumptions Rent Growth:

x.x%

Expense Inflation:

x.x%

Cap/Ex Reserve: Expense Slippage:

$x.xx PSF x.x%

31

RENT ROLL

STACKING PLAN

G O R

P N I

32

S

S RE

33

UNDERWRITING

34

35

1900-1918 W SUNSET BOULEVARD LOS ANGELES, CA 90026

ROLF K MCPHERSON BUILDING

CONTACTS INVESTMENT SALE CONTACT Lee Black Managing Director T: 818.657.6539 leeblack321@outlook.com

Veronica Black Transaction Manager T: 818.657.6617 VeronicaLBlack@outlook.com