J.H. Snyder Completes Renovation of LA Office Building

June 16, 2024

Office Development Los Angeles NewsMoreWest

The owner took out a $105 million permanent loan in 2018.

The building at 5757 Wilshire Blvd. in Los Angeles. — The SAG-AFTRA Plaza came online in 1948 and was the tallest and largest privately owned building in the city at the time. *Image courtesy of JLL*

J.H. Snyder has completed a multi-million dollar renovation of the SAG-AFTRA Plaza, a 530,000-square-foot Class A office building in Los Angeles’ Miracle Mile submarket. The property came online in 1948 and was also upgraded in 2006.

In 2018, the developer took out a $105 million permanent loan from John Hancock, CommercialEdge data shows. That note matures in May 2028.

Renovations at the 11-story building at 5757 Wilshire Blvd. included the construction of a new outdoor tenant lounge with seating, tables and lounges, a new lobby and the addition of two new restaurants.

The developer also added 15,000 square feet of office spec suites that have already been leased, with an additional 20,000-30,000 square feet currently under construction and scheduled to be delivered by the first quarter of 2025. J.H. Snyder also completed the development of One Museum Square, an on-campus, 285-unit residential tower within the Central Hollywood submarket.

The owner tapped JLL to conduct the leasing efforts. Since the beginning of the year, the brokerage firm secured roughly 40,000 square feet in commitments to multiple tenants. Managing Director Micheal Geller, Vice President Greg Astor and Senior Vice President Ben Silver are part of the team handling leasing efforts at the property.

Today, the 7-acre property features about 28,000 square feet of retail space, floorplates averaging 25,000 square feet and some 2040 parking spaces. Other tenants within the building include Museum Dental Center, Fusion and Primetime Sports, CommercialEdge data shows.

A building rich in history

Originally completed in 1943 and previously known as the Prudential Square and Museum Square, the building first housed Prudential Insurance Co.’s western division. At the time, it was the tallest and largest privately owned building in the city.

Five decades later, SAG moved its national headquarters at 5757 Wilshire Blvd., shortly followed by AFTRA. In January 2014, the property was renamed to SAG-AFTRA Plaza as part of the leasing agreement between the union and J.H. Snyder, which also extended their staying to 2026.