Hollywood's Taft Building Gets $15M Makeover
DLJ Real Estate Capital Partners has shelled out $15M to restore the iconic office at Hollywood and Vine. DLJ managing partner Andrew Rifkin tells Bisnow the building is an irreplaceable asset for the firm, and that the upgrades have completely transformed the 90-year-old building. The overhaul repositions the 119k SF office from a traditional setup into a creative space, which of course is all the rage in LA.
The Taft Building was the first high-rise in Hollywood and home to major film studios. It also was home to some early stars in the industry, including Charlie Chaplin and Will Rogers. In 2011, a DLJ predecessor bought the building for $28.5M and immediately began the reno. Andrew says he is bullish on Hollywood and thinks the work will make the building a "beacon for the world's best-known intersection." Work included an exterior facade cleaning, in addition to interior work such as removing plaster to expose windows and brick walls and restoring marble features. The company also added new LED lighting, plumbing, HVAC infrastructure and a full seismic upgrade. The reno also created a new 3,500 SF street-front retail space. Tarrah Beebe led the KFA architecture team on the project.
Industry Partners' Carle Pierose will handle the leasing of the building. Current tenants include Wood & Vine, Starbucks and the Hollywood BID. Andrew says the property should lease up well and offers a space that no other buildings on the market compare with.