Vanbarton Group

The Vanbarton Group is set to sell its 86,000-square-foot office building near Hollywood’s TCL Chinese Theatre to a religious organization. The building, purchased from CIM Group for $42 million in 2017, has struggled financially due to sluggish leasing. Key tenants like Live Nation and WeWork vacated in 2020 and 2021, respectively, leaving the property entirely vacant. The $21.7 million loan on the building, now 30 days delinquent, has been sent to special servicing. The sale, priced over $21.7 million, will allow Vanbarton to repay the loan.