Sunset High-Rise Sold for $42 Million

A Sunset Boulevard office building housing such tenants as Motown, ACNielsen EDI and the corporate offices of the House of Blues has been sold for $42 million. A fund managed by Wall Street investment banker Goldman Sachs & Co. acquired the 22-story Sunset Media Tower at 6255 Sunset Blvd., near Vine Street, from an affiliate of Kennedy-Wilson Inc. Beverly Hills-based Kennedy-Wilson bought the building last year for $31 million. The 300,000-square-foot building is 90% leased. Trammell Crow Co. has obtained the property management contract. Market observer Rob Langer, a partner in Meringoff Equities, which owns several Hollywood office buildings, said he expects area rents to rise 10% annually for the next few years. Rents in Hollywood’s better offices have climbed as much as 40% since the mid-1990s.