Historic El Capitan Building Goes to Market

HOLLYWOOD-The owner of the landmark El Capitan Building at 6834-6838 Hollywood Blvd. has placed the property on the market and has tapped CB Richard Ellis to market the building, which debuted in 1926 as the first live theater in Hollywood. Building owner CUNA Mutual Group, a Madison, WI-based provider of financial services to credit unions, has enlisted senior vice president Tim Bower in the Beverly Hills office of CBRE to handle the disposition of the six-story 85,000-sf class A office building, legendary cinema and retail store that are part of the property.

The asking price for the property was not disclosed. Bower, who previously sold the Hollywood Palladium and is an authority on the Hollywood submarket, calls the El Capitan “a trophy asset with worldwide recognition.” The building is 100% occupied by entertainment industry tenants and was renovated by CUNA Mutual, which installed state-of-the-art mechanical systems and other upgrades, Bower notes. The El Capitan “brings a stable occupancy history and an opportunity for an investor to capitalize on long-term rent and absorption growth in Hollywood,” Bower says.

A National Historic Landmark, the El Capitan is located along the Hollywood Walk of Fame and is directly across from the Kodak Theater, where the Academy Awards are presented. It is close to some of the best-known tourist attractions in Hollywood, including Grauman’s Chinese Theatre, the Hollywood and Highland retail entertainment center, and a new Madame Tussauds that is soon to be completed.