As of Thursday, March 31, 2022
California-based private-equity real-estate developer, owner and manager DJM has announced that the Hollywood & Highland retail complex has been renamed Ovation Hollywood. Signage at Ovation Hollywood as well as the web domain and social-media accounts will transition to reflect the new identity.
During the summer of 2020, DJM and Gaw Capital USA announced a $100 million reimagining of the center. In addition to the new name, plans included major design improvements, an updated tenant mix and an additional 100,000 square feet of creative office space.
Construction began in 2021 and included the demolition of the Babylonian-themed central courtyard and removal of the elephant sculptures. Additional changes included updates to the parking garage, exterior painting and refurbishment of all elevators and escalators.
“Hollywood & Highland’s evolution into Ovation Hollywood is about creating a space that captures the spirit of optimism and the Hollywood dream,” said Chad Cress, chief creative officer at DJM. “We of course want to pay homage to Los Angeles’ illustrious past here but also tell a forward-looking story that collaborates with and celebrates the city’s diverse, talented communities.”
Ovation Hollywood’s central courtyard was transformed into an oasis-like park setting, and the updated tower arch now features a mural by local artist Geoff McFetridge depicting people standing in ovation to celebrate the Hollywood dream. The courtyard and tower were completed at the end of March, and full renovations are expected to be completed by the end of summer.
DJM recently acquired four new grocery-anchored properties totaling 536.488 million square feet. All four of the outdoor daily-need properties are located in California and include Magnolia & Adams and Magnolia & Warner, both in Huntington Beach; the Poway Town Center, located in San Diego; and the Deer Creek Village in Petaluma. DJM acquired the portfolio from Merlone Geier through a joint venture with affiliates of the Fortress Investment Group. The retail properties join DJM’s continuously growing retail portfolio, which also includes the recent acquisition of the California properties Gateway Center in Mission Viejo and Long Beach Exchange in Long Beach.