1601 Vine Street is the Corporate Headquarters for Skims Body, Inc., Co-Founded by Kim Kardashian
LOS ANGELES, CALIFORNIA / ACCESS Newswire / April 3, 2025 / Kingsbarn Realty Capital ("Company" or "Kingsbarn") has announced the acquisition of 1601 Vine Street in Los Angeles, California (the "Building" or "Property"). The beautiful steel and glass structure, developed by J.H. Synder Company and designed by Ware Malcomb, offers over 115,000 square feet of office space and five levels of underground parking. The building serves as the corporate headquarters for Skims Body, Inc. ("Skims"), an American shapewear and clothing brand co-founded in 2019 by Kim Kardashian and Swedish entrepreneur and CEO Jens Grede.
Kingsbarn planned on purchasing the Property in March of 2023, but unstable capital markets thwarted the Company's attempts to secure adequate financing. Kingsbarn, however, continued to pursue the purchase of the Property and was finally successful in completing the purchase earlier this week. Kingsbarn CEO Jeff Pori stated, "This purchase, along with our ability to secure financing for the building, is further evidence that the office market is recovering, a trend we expect to continue and to even accelerate. As state and federal workers continue to return to the office, we have also seen a great majority of private companies demand that their workers return to the office as well. Notably, the region's office construction activity has moderated, with new developments representing less than 1% of existing space. We expect this trend to continue to enhance the health and the overall occupancy within the sector."
Skims began to occupy the Building in mid-2023 and leases the Property through mid-2038. Kingsbarn, according to Pori, will offer ownership interests in the building in a Delaware Statutory Trust ("DST") structure so that private investors can complete a 1031 exchange by purchasing fractional ownership interests in the Building. "The combination of the location at Hollywood and Vine, the magnificent design, the perfect Hollywood tenant, and the long-term lease makes for a winning investment opportunity for California investors," said Pori. "We are very excited to be able to acquire a property with such a burgeoning company and successful brand as Skims."
In 2021, Wall Street Journal Magazine presented Kardashian with a "Brand Innovator" award for her work as Chief Creative Officer for Skims. Skims, named one of the Most Influential Companies of the year in 2022 and 2023 by Time Magazine, had an estimated valuation of $4 billion in July of 2023 after raising $270 million in a Series C funding round. On Feb. 18, 2025, Skims and Nike announced that they are teaming up to disrupt the global fitness and activewear industry with the launch of NikeSKIMS, a new brand that will deliver industry-leading innovation. The long-term partnership will introduce an extensive product line that invites more athletes and women into the world of sport and movement. Kardashian stated, "This partnership is the culmination of that shared vision, delivering a product that is meticulously designed to sculpt and perform for every body. We're incredibly excited to unveil our first collection this spring."
"There were many key players involved in this acquisition," said Pori. "Our team included Hankey Capital of Los Angeles, who provided the first mortgage in under two weeks when other lenders could not. IBI Volcano Investments provided additional equity and was an integral part of our capital structure. Lastly, even though they represented the seller, Kevin Shannon and his team at Newmark deserve our appreciation for keeping this deal moving forward despite the challenges posed to us by volatile capital markets."
Contact Information
Emma Williams
Director of Public Relations
emma@theferrarogroup.com
+17023677771
Holly Silvestri
Partner
holly@theferrarogroup.com
702-367-7771
SOURCE: Kingsbarn Realty Capital
View the original press release on ACCESS Newswire