Investor Flashes $4 Million for Historic Frederick’s Building

A Los Angeles real estate investor has purchased the landmark Frederick’s of Hollywood building for approximately $4 million.

The new owner, Jeff Greene, will have to find a new main tenant--as well as name--for the Art Deco-style building at 6608 Hollywood Blvd. The lingerie chain’s headquarters soon will be relocated, while the ground floor store and museum of historic and celebrity lingerie eventually will move a few blocks west into a new building next to Mann’s Chinese Theatre.

The three-story building, a former department store with high ceilings, will be renovated once Frederick’s leaves, said broker Michael Malick of Ramsey-Shilling Commercial Real Estate Services Inc. A warehouse behind the store and office building is currently available for lease, he said.

The 66,000-square-foot structure, which was completed in 1934 and has long sported Frederick’s distinctive logo and awnings, is listed on the National Register of Historic Places. Commercial rents and property values in the area have been spiraling in recent years in anticipation of the opening of the giant Hollywood and Highland complex and other proposed real estate developments, Malick said.

One of the new developments, the Hollywood Orangeland retail complex, will serve as the new home for the Frederick’s of Hollywood store and museum. The complex at Hollywood Boulevard and Orange Street is expected to open in 18 months.