24-Hour Party People
Ludwig is betting that Hollywood can remain competitive with renters seeking a tony address. “Hollywood is making a strong comeback and reclaiming its rightful place at the apex of the California social scene,” Ludwig asserts. “Many of the top trendy and glamorous restaurants, bars, and clubs have opened over the past few years in the immediate vicinity of this [hub]. There is amazing energy and a great vibe in Hollywood right now, and it’s only getting better.”
Additionally, there’s Hollywood & Highland, a gigantic retail-restaurant-entertainment destination on the southwest corner of the hot spot. Opened in 2001, adjacent to Grauman’s Chinese Theatre, the development is home to the Kodak Theatre (home of many star-driven events like the Oscars), big-name retailers, and restaurants.
“Hollywood’s underlying fundamentals are very strong, starting with supply and demand,” Beebower says. “And with the redevelopment continuing, there’s a buzz among prospective tenants.” Those are market dynamics buyers like to see. “I’ve been selling in Hollywood for a dozen years,” Beebower says, “and the investment market has a reached a fever pitch I’ve never seen.”