SAG-AFTRA recently closed a deal for the purchase of an existing commercial office building and a nearby vacant lot in North Hollywood, California.
The property features more than 118,000 square feet of commercial office space and is 100 percent leased with two anchor tenants – Pilgrim Media Group and Screen Engine/ASI. In total, the purchase includes the building on 1.22 acres and a nearby 0.71-acre vacant lot that provides a significant development opportunity for future office space, event facilities or additional leasable square footage.
SAG-AFTRA President Fran Drescher said, “As National President, I began to investigate ways to diversify our investment portfolio and was surprised to learn we were the only entertainment industry union not to own our own headquarters versus paying large rents. After multiple sessions with my ED Duncan Crabtree-Ireland and CFO Arianna Ozzanto, it was determined that SAG-AFTRA was now in a financially sound position to pursue this goal. National Secretary-Treasurer and Finance Committee Chair Joely Fisher next took the lead in pursuit of a worthwhile real estate investment. She has dreamed of this day for years and showed great determination to complete the legacy that her mother, former Secretary-Treasurer, Connie Stevens began decades ago. Many thanks to this collaborative effort for bringing our union into this new chapter of ownership!”
SAG-AFTRA was represented by Arlene Sommer of Cushman & Wakefield in the $46.6 million acquisition from former owner Dr. David Lee of Jamison Properties.
REELated:
“This is a historic milestone for our union and a testament to our strength and resilience. The new building will provide us with more space, better facilities, and greater opportunities to serve our members and advance our mission. By owning instead of renting, we will save money in the long run, build equity, and have more flexibility and stability. It also reflects our commitment to innovation and sustainability. I particularly want to thank Arianna Ozzanto, our extraordinary Chief Financial Officer, along with our dedicated member leaders, especially President Drescher, Executive VP Ben Whitehair, and Secretary-Treasurer Joely Fisher, for their dedication to moving this important project to fruition. We look forward to moving into our new home in a few years and continuing to make SAG-AFTRA the best union in the world for the professionals who work in front of the camera or behind a microphone,” added National Executive Director and Chief Negotiator Duncan Crabtree-Ireland.
Located in the heart of the Los Angeles “Media Triangle,” the site is in close proximity to major studios and production facilities, including Netflix, Universal, Nickelodeon and Warner Bros. The property is conveniently located near major transportation arteries, including the 101 and 170 freeways and the Metro Orange Line.
The new property represents an unprecedented opportunity for SAG-AFTRA to continue growing and innovating to serve its members, while also enhancing the union’s already-strong financial position. Members will be kept apprised of critical design, occupancy and development milestones as they unfold.
