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Hollywood Blvd: Condos Out, Offices In

Apparently the office market is holding up slightly better than the condo market in Hollywood, or at least that's what the LeFrak Organization is betting. According to the company just bought the vacant office building at 7060 Hollywood Blvd, which was previously slated for a 140-unit condo conversion. With office vacancy rates in Hollywood hovering around 7.1%, an office upgrade seems like a smarter bet than risking an uncertain housing market. In addition to the Hollywood Blvd frontage, the building also has 330 feet of frontage on Sycamore, and more importantly, sits adjacent to the Walk of Fame star for Luis Miguel Gallego Basteri .