Actors' Equity Association Buys New Building for Western Headquarters
Actors' Equity Association (AEA) announced the purchase of an 18,000-square-foot building in North Hollywood, California that will serve as the new western region headquarters for the 49,000 member trade association. The new building is located at 5636 Tujunga Avenue in the NoHo Arts District.
"The building allows Equity opportunity for growth and income. It also provides long-term cost savings for the Association," said Steven DiPaola, AEA's Assistant Executive Director for Finance and Administration, who represented Equity in the real estate negotiations. DiPaola continued: "As our experience has proven, the real estate that Equity purchased in New York in 1978, and in Chicago in 2009 were prudent, forward-thinking strategies that have given Equity visibility and financial security, while also giving us the resources to develop and deliver services to our members. We now have a third, tangible real estate investment that strengthens our portfolio and expands our abilities in Los Angeles and the surrounding areas."
Built in 1948, and renovated in 2000, the new location is a free-standing, one-story structure that has 18,000+ square feet of space and on-site parking for 50+ vehicles. Construction plans include an audition center, expanded office space, exterior signage and space to lease to a third party. Renovations will begin later this year, with building occupancy expected in early 2014.
The North Hollywood area is an "enterprise" zone that has recently received $1 billion in funding from Los Angeles County for revitalization and development projects.
Mark Robinson of Cushman & Wakefield of California negotiated the building purchase price of $5.2 million.
Actors' Equity Association (AEA), founded in 1913, represents more than 49,000 actors and stage managers in the United States. Equity seeks to advance, promote and foster the art of live theatre as an essential component of our society. Equity negotiates wages and working conditions, providing a wide range of benefits, including health and pension plans. AEA is a member of the AFL-CIO, and is affiliated with FIA, an international organization of performing arts unions. The Equity emblem is our mark of excellence. Visit online, www.actorsequity.org.