CBRE SELLS FORMER GRAMMY HQ BUILDING IN SANTA MONICA

SANTA MONICA, CALIF. – CB Richard Ellis has sold a39,128-square-foot office building in Santa Monicathat used to serve as the headquarters of The Recording Academy for an undisclosed sum. The Recording Academy is the institution responsible for the GRAMMY Awards. Also included in this sale were two adjacent residential parcels. One parcel is vacant, the other contains unoccupied apartment buildings. The buildings were sold to TC Pico Development, LLC from NARAS Properties, Inc., an affiliated entity of The Recording Academy. CBRE’s Ron Wade, Stan Gerlach, Blake Mirkin, Mark Perry, Laurie Lustig Bower and Kadie Presley represented both the buyer and the seller in this transaction.