Morguard expands its ownership of Lumina, a luxury mixed-use
asset located in the heart of Hollywood
MISSISSAUGA, ON, Jan. 27, 2022 /CNW/ - Morguard Corporation (TSX:
MRC) ("Morguard") announced today that it has acquired the
remaining 40.9% ownership of Lumina, a premium mixed-use property
in Los Angeles, the second largest
city in the US by population. With this acquisition, Morguard has
increased its ownership to 100%, expanding its investment in the
state of California and
the United States.
"Our increased investment in this strategically-located luxury
property strengthens our commitment to multi-suite residential and
commercial assets in the United
States," said K. Rai Sahi,
Chairman and CEO of Morguard. "Expanding our ownership of this
prominent asset aligns with our portfolio strategy to provide
long-term growth potential."
Lumina is a 22-story mixed-use high-rise comprised of 299 urban
loft residences, 40,746 square feet (SF) of creative office space,
and 12,078 SF of retail space, available for lease. Lumina is
located within one of the most vibrant and creative areas of
Hollywood, where thousands of
media and arts industry workers come together. The property is
surrounded by top international media production and entertainment
studios including Netflix, Sunset Gower, and Paramount Studios.
Lumina features state-of-the-art spaces to live, work and shop
including:
- Self-contained creative working space and outdoor
terrace: Creative office space that features dedicated parking
and elevators, and an outdoor terrace overlooking the Hollywood
Hills.
- Luxury living and shopping: Relax by a resort-style pool
and sundeck, lounge area with a fireplace, outdoor dining areas
with BBQs, and 19,000 SF of green space just steps from the main
entrance. Additionally, the retail spaces have in-place conditional
use permits (CUP) for the sale and dispensary of alcoholic
beverages.
- Transit-oriented location: Gain immediate freeway access
via the Hollywood (101) Freeway
and walking distance to the Metro B Line (formerly Metro Red
Line).
- Walkable authentic lifestyle: Steps away from
Hollywood's finest restaurants and
entertainment destinations including Vine Street, Sunset Boulevard
and Hollywood Boulevard.
- Local arts college and world class healthcare nearby:
Access to Emerson College Los Angeles
Center, as well as prominent healthcare complexes including Kaiser
Permanente, CHA Hollywood Presbyterian Medical Centre and
Children's Hospital Los Angeles.
Morguard's US portfolio includes 2.0 million SF in commercial
assets and 9,777 residential suites valued at $3.3 billion. In addition to Lumina, Morguard's
high-rise multi-suite residential assets in the country include The
Marquee at Block 37 and Alta at K Station on the east coast.
"Expanding our investment in Lumina strengthens our position as
a strategic real estate investor and partner," said John Talano, Senior Vice President, US, Morguard
Corporation. "Lumina's premium location in Hollywood's creative and business epicentre,
positions Morguard as an active participant in the development of
the city's entertainment industry."
About Morguard Corporation
Morguard Corporation is a
major North American real estate and property management company.
It has extensive retail, office, industrial, hotel and residential
holdings owned directly and through its investment in Morguard Real
Estate Investment Trust and Morguard North American Residential
REIT. Morguard also provides real estate management services
to institutional and other investors. Morguard's owned and
managed portfolio of assets is valued at $19.4 billion. For more information, visit
Morguard.com.
SOURCE Morguard Corporation