Academy Sells City Block to Kilroy Realty Company for $48 Million

The Kilroy Realty Corporation has purchased a prime piece of real estate from the Academy of Motion Picture Arts and Sciences for $48 million.

The four-acre parcel of land located just north of the Academy’s Pickford Center for Motion Picture Study at the intersection of Sunset Boulevard and Vine Street in Hollywood was originally intended as the site of the future Academy Museum of Motion Pictures when it was first purchased back in 2005.

Kilroy plans to seek approval and obtain entitlements to develop a creative media mixed-use campus that will include approximately 475,000 square feet of low and mid-rise office space, apartments and retail space with a total investment between $250 million and $300 million.

Shimoda Design Group whose award-winning work includes the renovation of 6565 Sunset Boulevard in Hollywood and the Rolex Building in Beverly Hills will design the project under the direction of executive architect House Robertson.

Like Haute Living Los Angeles? Join our Facebook page or follow us on Twitter @HauteLivingMag.