Tinder co-founder purchases $69 million Hollywood property

Tinder co-founder Justin Mateen has invested in Hollywood with the $69-million purchase of retail property near the legendary TCL Chinese Theatre on Hollywood Boulevard.

Tinder co-founder expands real estate footprint in Hollywood

Justin Mateen, co-founder of Tinder, has made a major investment in Hollywood by purchasing the Hollywood Galaxy shopping center and the Petersen Building for $69 million. This acquisition comes during a time when many institutional investors have pulled back from Los Angeles real estate, following a decline in property values due to the pandemic. The Mateen brothers believe this downturn creates advantageous buying opportunities. They plan to attract high-profile tenants seeking visibility in a high-traffic area frequented by tourists, such as Target and LA Fitness. Their strategy reflects a commitment to the resilience of the L.A. market, which they believe will rebound.

Investing amid a market decline can be risky, but the Mateens see potential where others see challenges. Such bold moves might transform Hollywood's retail landscape. While their optimism is commendable, it contrasts starkly with the caution of other investors, raising questions about the timing and sustainability of their vision. As local retail adapts to changing shopping habits, their choices will be closely watched, especially in a city facing ongoing economic challenges. One must wonder whether their faith in Los Angeles will be rewarded or if they could face backlash as the market evolves.

Highlights

The real estate choices made today could define Hollywood's landscape for years to come.