December 8, 2023
, Hollywood Shopping Center Gets New Life After $100M Renovation – What is a Ground Lease?, Robert Khodadadian
Following the substantial three-year renovation, Ovation Hollywood has been reimagined into a modern-day shopping destination. All images courtesy of DJM Capital PartnersThe Grand Staircase from the exteriorThe Grand StaircaseThe TowerThe Terrace

DJM Capital Partners and Gaw Capital USA have officially reopened Ovation Hollywood, a 475,000-square-foot lifestyle center in Los Angeles’ Hollywood, following a $100 million renovation process that started three years ago.

Located in the heart of the neighborhood at 6801 Hollywood Blvd., in an Opportunity Zone, Ovation Hollywood comprises 135,000 square feet of retail space, two floors of nearly 100,000 square feet of creative office space, 85,000 square feet of dining, 65,000 square feet of entertainment space and 40,000 square feet of event space.

The property’s tenant roster includes a diverse mix of retailers such as Footlocker, Sephora, Walgreens, Forever 21, Café de Leche, Hard Rock Café, Tacos Neza, Lucky Strike, Dave & Buster’s and TCL Chinese 6 Theatres, among others.

A shopping center with a history

Formerly known as Hollywood and Highland, the shopping center was developed by TrizecHahn Corp. with funds from the Community Redevelopment Agency. The property came online in 2001, on the former location of the 1902 Hollywood Hotel, which was demolished in 1956 and replaced by the First Federal Building of the First Federal Savings & Loan Association of Hollywood. 

DJM and Gaw purchased the decades-old shopping center back in 2019 from CIM Group for $325 million, according to CommercialEdge data, in the largest single asset retail transaction outside of Manhattan of that year. Natixis provided the buyers with a $211.3 million CMBS loan from Wells Fargo Bank and a $52.5 million note from Natixis Bank. 

READ ALSO: CPE Asks: When Will It Be a Good Time to Invest in Retail?

After the acquisition, the new owners announced plans for a major renovation which was set to include the rebranding of the property, upgrade of several retail levels and the courtyard, the addition of office space on the upper floors and removal of the controversial Babylonian-themed archway and oversized elephant statues. The renovation process began in 2020 and much of the property remained open throughout the revamp.

Gensler reimagined and updated the design of the outdated architecture, transforming the five-level mall into a vibrant destination for retail, dining and entertainment which reflects modern-day Hollywood. The newly renovated center achieved a 110 percent increase in foot traffic this year and registered 500,000 more visitors in comparison to 2022.

The post Hollywood Shopping Center Gets New Life After $100M Renovation appeared first on Commercial Property Executive.


In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.

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Read MoreDevelopment, Investment, Los Angeles, News, Retail, West, CIM Group, DJM Capital Partners, Gaw Capital Partners, Gensler, Natixis, Wells Fargo Bank Commercial Property ExecutiveDJM Capital Partners and Gaw Capital USA acquired the property for $325 million in 2019.
The post Hollywood Shopping Center Gets New Life After $100M Renovation appeared first on Commercial Property Executive. 

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