Kim Kardashian's Skims secures Hollywood HQ deal with Kingsbarn Realty Capital after setbacks.

From Yahoo Finance: 2025-04-18 15:30:00

Kim Kardashian’s shapewear startup Skims is back on track with its new Hollywood landlord, Kingsbarn Realty Capital, after a $105 million deal for 1601 North Vine Street. Hard money lender Hankey Capital provided a $52 million loan, and additional financing came from Israeli firm IBI Volcano.

Originally, Kingsbarn was set to pay $1,054 per square foot, but faced setbacks when KeyBank withdrew a $97 million loan offer. Skims’ 15-year lease was crucial for Kingsbarn’s debt, but legal battles ensued over proving Skims hadn’t occupied the building.

Englebert, a friend and business partner of Skims co-founder Jens Grede, faced legal actions for obstructing Kingsbarn’s access to the building. Kingsbarn sued J.H. Snyder and Englebert, while also taking KeyBank to court over the loan revocation.

After legal battles, a detente was reached in December, reducing the building’s price to $105 million. Kingsbarn plans to place the property into a Delaware Statutory Trust, offering fractional ownership to private investors for a 1031 exchange. The office market is seen as recovering, according to Skims CEO Jeff Pori.

Read more: How Kingsbarn revived $105M Skims Hollywood HQ deal