Hollywood, CA – April 2, 2025 – Newmark Group, Inc. (Nasdaq: NMRK), a renowned leader in commercial real estate advisory and services, has successfully facilitated the $105 million sale of a premier Class A office building located at 1601 Vine Street in Hollywood, California. The building, which spans 115,589 square feet, is fully leased and serves as the headquarters for Skims Body, Inc., a prominent name in the apparel industry.

1. Transaction Details

The sale was executed with the expertise of Newmark's experienced team, which included Co-Head of U.S. Capital Markets Kevin Shannon, Executive Vice Chairman and Head of International Capital Markets Alex Foshay, and several Vice Chairmen including Ken White, Rob Hannan, Laura Stumm, and Michael Moll. The property was represented by Newmark on behalf of the seller, Snyder Vine, LLC, while Kingsbarn Realty Capital emerged as the buyer. Additionally, Newmark's Co-President of Global Debt & Structured Finance Jonathan Firestone and Director Henry Cassiday provided crucial support on debt strategy and financing considerations throughout the transaction process.

2. Insights from Newmark Leadership

Kevin Shannon remarked on the current market sentiment, stating, "Capital is showing renewed conviction in high-quality, 2025-vintage office investments. Top-tier tenants like Skims are prioritizing best-in-class buildings, and contrarian investors are capitalizing on the opportunity to acquire premier office product below replacement cost with historically attractive cap rates." This sentiment reflects a growing trend among investors looking to place their capital in high-quality real estate assets amidst changing market dynamics.

Laura Stumm noted Skims' commitment to the property, highlighting the broader trend of companies returning to office environments. She stated, "For Skims, in-person collaboration is essential—especially in a tactile, design-led industry like apparel. Their 15-year lease signals a strong belief in the long-term value of a physical workspace to foster creativity, culture, and innovation."

3. Property Features and Location

Originally delivered in 2017 by JH Snyder Company, the 1601 Vine property underwent extensive renovations in 2024, thereby transforming it into a world-class headquarters for Skims. The building boasts high-volume ceilings, a stunning limestone lobby with terrazzo flooring, floor-to-ceiling windows offering sweeping views of Hollywood, high-impact executive suites, and on-site photography studios.

Strategically located along the Hollywood Walk of Fame, the property sits at the heart of the entertainment capital of the world. Hollywood has seen over $6 billion in investments over the past decade, making it a prime destination for visitors and businesses alike. With a Walk Score of 98, the site provides access to numerous walkable amenities and is conveniently situated just two blocks from the 101 Freeway.

4. About Newmark Group, Inc.

Newmark Group, Inc. is a global leader in commercial real estate, providing a comprehensive suite of services tailored to a wide range of clients, from large institutional investors to startups. In the twelve months ending December 31, 2024, Newmark generated revenues exceeding $2.7 billion. The company operates from approximately 170 offices worldwide, backed by a professional workforce of over 8,000 across four continents.

For more information on Newmark and its services, visit their website.

In summary, Newmark's successful arrangement of the sale of Skims' headquarters underscores the growing investor interest in high-quality office spaces that cater to the evolving needs of modern businesses. With the property fully leased to a leading brand in the apparel industry, this transaction is a strong indicator of the resilience and potential of the commercial real estate market in prime locations like Hollywood.

Original press release