How The Shutdown Will Screw Hollywood

For starters, you (fine, again, me) can stop calling it “White House Down.” And to answer your next question, no, it will not be like The Purge. I mean, in theory, you could do that to your neighbors I guess, but police departments are still operational so you’d probably get arrested. (Though perhaps not a bad time to invest in a little ADT Home Security in case you live near a crazy person who really loves Ethan Hawke.) So how will this affect America? In a very serious number of ways : Any non-essential government worker will be sent home, with no guarantee of retroactive post-shutdown pay; the Veterans Board will be able to do little more than keep their hospitals open; Washington D.C. will lose about $200 million in economic activity each day the shutdown carries on; and you’re not getting that gun permit pushed through anytime soon, no matter how much Ann Coulter whines . But who cares about those paper pushers. How does this affect Hollywood? Variety took a closer look at this dire situation: Film permits for shooting at national parks may not be issued. Visa processing is going to be slowerbut not haltedfor studios that are working with international actors that would need work visas. The National Association of Theatre Owners may not be able to lobby Congress about that annoying little Affordable Care Act provision that would require health care to be extended to workers who put in 30 hours, instead of the current 40-hour mandate. (If you read between the lines, yes, people like this are half the reason we’re IN a shutdown right now, and why your dumb indie film is going to have relocate to the fire hydrant on your block instead of the geysers at Yellowstone.) See? Life in Hollywood isn’t all cold pressed juice and Wednesday nights at the Roosevelt pool.

BRE Buys Jefferson at Hollywood

( BRE ) disclosed the buyout of a Calif.-based Class A community Jefferson at Hollywood for $120.5 million. The move reflects the companys strategy of enhancing its portfolio mix, through premium assets acquisitions. BRE Properties acquired the Jefferson at Hollywood on an unencumbered basis and at a discount to the replacement cost. The acquired property was funded through proceeds from BRE Properties revolving credit facility. The strategic location of Jefferson at Hollywood makes it an accretive buyout for BRE Properties. Jefferson at Hollywood, constructed in 2010, is a 270 apartment homes community positioned in the popular Hollywood sub-market of Los Angeles. The property, situated in the heart of entertainment district, is conveniently connected to neighborhood restaurants and other attractive destinations. Moreover, it is in proximity to Hollywood Boulevards iconic landmarks such as Madame Tussauds Hollywood, Dolby Theatre and Ripley’s Believe It Or Not! Odditorium. Notably, BRE Properties expect the Jefferson at Hollywood to generate net operating income-to-purchase price yield of 4.0% in the first year. The Hollywood sub-market has been experiencing a substantial rise in demand generated by entertainment and media industries for office and studio space, due to revitalization through around $4 billion of public and private investments in recent years.