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
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