Historic Taft Building In Hollywood Sells For $70M
DLJ Real Estate Capital Partners sold the 12-story, 125K SF building in an off-market transaction to a JV of El Segundo-based developer Ocean West Capital Partners and Westbrook Partners, the Los Angeles Business Journal first reported.
An Ocean West Capital Partners official confirmed the report to Bisnow.
Ocean West officials said they are planning to further enhance the property’s historic features to better cater to creative and entertainment tenants within the Hollywood market.
The JV is planning upgrades to the lobby and common areas and converting the ground-floor basement into an entertainment-focused use.
“The Taft Building is an iconic office building with a natural authenticity including exposed red brick, operable windows, open ceilings, and polished concrete floors, all features that are unique in the Hollywood office market and attractive to today’s progressive tenants,” Ocean West Capital Partners Director Ryan Tucker wrote in an email.
“We have had a very successful track record developing creative office space throughout Southern California, and we look forward to transforming the Taft Building into the top boutique, creative office building for technology, media and entertainment companies looking to locate or expand in Hollywood,” he wrote.
Built in 1923, the Hollywood Taft Building at 1680 Vine St. was the first high-rise office structure in Hollywood. During the silent film era and the subsequent decades, the building was home to major movie studios, actors and other prominent individuals in the entertainment industry.
DLJ purchased the property in 2011 for $28.5M and immediately began renovations to modernize the building.
The property currently is a mix of creative office space and ground-floor retail and restaurants.