Real estate investment firms DJM and Gaw Capital have partnered to purchase the Hollywood & Highland Center, with plans for a major renovation of the landmark shopping mall.
The 7.6-acre complex, named for its location at the intersection of Hollywood Boulevard and Highland Avenue, features over 460,000 square feet of shops and restaurants on multiple levels. Flanked by numerous hotels and entertainment venues such as the Dolby and TCL Chinese Theaters, the property has been a popular tourist draw since opening in 2001.
DJM and Gaw, which reportedly paid $325 million to Hollywood & Highland from CIM Group, intend to initiate a series of renovations over the coming 24 to 30 months, including rebranding and upgrades to existing retail and common areas. The new owners also intend to increase the number of events and add new stores and eateries to its list of offerings.
“The retail landscape has shifted, consumer tastes have adapted, and ‘New Hollywood’ is constantly redefining itself,” said Stenn Parton, Chief Retail Officer at DJM in a news release. “With Hollywood & Highland, we at DJM and Gaw Capital are eager to seize the opportunity to create, in the heart of Los Angeles, an environment where the iconic allure of ‘Old Hollywood’ meets the modern innovation of new media.”
The renovations are expected to begin work in 2020 and conclude by 2021.
DJM, which is based out of San Jose, specializes in retail developments. The company is currently working on a revamp of the Runway complex in Playa Vista.
Gaw Capital, which is based out of both Los Angeles and Hong Kong, previously redeveloped the nearby Hollywood Roosevelt Hotel.
- Hollywood (Urbanize LA)