May 30, 2024 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

Howard Hughes Center Sells for $40 Million Less Than 2015 Purchase Price

TTM Real Estate Capital buys HHLA for $80 million

By Dolores Quintana

HHLA, formerly known as The Promenade at Howard Hughes Center, is an open-air entertainment destination with restaurants and a Cinemark 18 and XD theater that has been sold for $40 million less than the previous buyer purchased it for in 2015 as reported by Bisnow.com. Laurus Corp. and Torchlight Investors bought the commercial building at 6081 Center Drive for $111 million. They also invested $35 million to renovate the site, a process that wasn’t completed until 2020. 

TTM Real Estate Capital bought the HHLA for $80 million and announced the sale on Thursday according to a source that spoke to Bisnow. Cannon Commerical is TTM’s parent company and a real estate investor and commercial management company in Los Angeles.  

They also announced that two new tenants would be joining HHLA, 60out Escape Rooms, a unique and interactive live-action adventure game experience with multiple locations, and the Muhammad Ali Experience whose website says, “Step into the ring and go toe-to-toe with the legend. MAE offers a world-first opportunity to immerse yourself into the life and legacy of Mohammed Ali.”

There was no information about the lease or terms of the purchase made available to the public.

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