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Whether or not he’s left his mark on your relationship status, Justin Mateen, the co-founder of dating app Tinder, is trying to leave it on the Hollywood commercial real estate landscape. He’s just acquired two prime Hollywood Boulevard properties in a deal that amounts to $69 million combined. It’s already being touted as the largest retail sale in all of Los Angeles for 2025 so far. The deal also follows another recent major acquisition made by Mateen when he purchased Wilshire Rose Plaza in Beverly Hills for $211 million.
The Biggest Commercial Deal of the Year to Date
CoStar reports that Mateen acquired the Hollywood Galaxy (7021 Hollywood Boulevard) and the Peterson Building (7001 Hollywood Boulevard) for a combined $69 million price tag. With this being the largest commercial real estate deal in the city this year, investors are slowly beginning to find their faith in Hollywood’s legendary strip again.
Mateen hasn’t been forthcoming about his plans for the properties. However, if his Beverly Hills acquisition gives us any indicator, the entrepreneur will likely pivot these locations to accommodate high-end and luxury tenants working in the luxury retail niche or in the entertainment industry. A similar success story can be seen in the renovation of the Ovation Hollywood shopping center, another major Hollywood commercial real estate development. Upgrades to the facility resulted in a foot traffic increase of 110%.
This Isn’t Mateen’s First Rodeo
Mateen isn’t limiting his sights to Tinseltown. In July 2024, he joined his brother, Tyler (CEO of private real estate and investment firm Cannon Commercial, Inc.), and brother-in-law, Pouya Abdi, to jointly purchase the Wilshire Rodeo Plaza for $211 million. The complex offers an entire city block of mixed-use office and retail space at the popular intersection of Wilshire Boulevard and Rodeo Drive.
This ambitious acquisition offers about 300,000 sqft stretched across a series of multi-storied structures. After rechristening the complex as One Rodeo, the investors are attempting to double its retail capacity to around 75,000 sqft. Meanwhile, they continue to earmark funds for additional unspecified upgrades.
One Rodeo has wasted no time netting an impressive roster of new and pre-existing tenants, including:
- Encore Recordings
- Merrill Lynch/Bank of America
- UBS
- William Morris Endeavor
Future tenant considerations have hinted at anything from social clubs to boutique hotels. Once these are more concrete, details of potential upgrades will likely also solidify.
Scrutinizing Mateen’s Hollywood Commercial Real Estate Investments
This pattern of recent deals allows us to study a portrait of Mateen as an investor.
(1.) He tends to focus on high-traffic tourist areas with street-facing real estate, as seen in his recent Hollywood commercial real estate acquisitions. We doubt it’s a coincidence that he’s investing in property along popular corridors like Rodeo Drive and Hollywood Boulevard. Tourist-focused areas like these are now primed for successful luxury redevelopment.
(2.) It’s no secret that office space is still floundering in post-pandemic Southern California. We just recently highlighted how, for the first time in 25 years, office space removal outpaced new construction. Mateen is obviously aware of this and is putting his money behind luxury retail projects, a niche that continues to thrive.
(3.) Mateen is also capitalizing on the mixed-use craze we’ve been seeing in so many commercial real estate developments this year. We know for a fact that he’s already blending retail and office space. But we’re also hearing rumors of hospitality and even special-purpose asset classes.
Mateen may have more capital than a lot of other investors, so it’s easy enough to consult his playbook and say he’s making the right moves. But, the size of the deals aside, the recent Hollywood commercial real estate deals are the acquisitions of someone paying close attention to the market.
Looking at the Larger Trends
What do deals like this mean outside of Mateen’s specific portfolio? They could be taken as an indicator of the renewed popularity in tourist hotspots, such as Hollywood Boulevard and Rodeo Drive. Both enjoy worldwide renown. The deals also highlight the trend of repurposed office space for adaptive uses.
Perhaps less obvious, each of these developments underscores a long-term investment plan that could easily span multiple generations. Investment as a long game isn’t exactly a novel concept. But in our fix-and-flip society, Mateen’s long-term investment strategy illustrates a growing trend among major players in considering investment plans that can stretch for decades.
A Hope in Hollywood
No matter what you take from these moves, it’s clear that Mateen isn’t content to simply rest on Tinder’s laurels. And while he’s obviously putting careful consideration into his properties and their development plans, he’s also taking a considerable risk by betting on the city’s tourism during a global lull. Yet, the size of his investment in Hollywood commercial real estate indicates a profound confidence that Hollywood (and LA as a whole) will rebound with a robust tourism industry that can afford high-end luxury brands and leisurely experiences. It’s a heartening sight for any area investor.
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