Jamison Properties has sold an office building in the San Fernando Valley for almost double what it bought the property for in 2016.
The firm sold a 63,000-square-foot building at 12020 Chandler Boulevard in North Hollywood for $47 million, according to property records.
SAG-AFTRA, the labor union representing film and television workers, bought the property. The union did not respond to a request for comment.
Jamison bought the building for $24 million in 2016, records show, making it one of the few office buildings to trade at a profit in recent months.
About 50 percent of the property was vacant at the end of last month, according to online listings for the property.
Members of SAG-AFTRA had pushed the union to own its own headquarters in 2021, according to Deadline, with some arguing the union had spent too much on annual rent at its headquarters at 5757 Wilshire Boulevard on Miracle Mile, a building owned by J.H. Snyder.
“Over decades, the union has wasted a staggering $100 million in rent in Los Angeles alone,” MembershipFirst, an organized community of SAG-AFTRA members said in a statement in 2021. “We could have purchased our own building with all the equity appreciation, and security that comes with it.”
It’s unclear whether the new building will serve as the union’s new headquarters, but the labor organization currently holds a lease at 5757 Wilshire through 2032. SAG-AFTRA’s official name is Screen Actors Guild — American Federation of Television and Radio Artists.
Jamison Properties is a developer and landlord headquartered at 3470 Wilshire Boulevard in Koreatown.