The Taft Building, located on the famed corner of Hollywood and Vine, has been sold in an off-market transaction to a joint venture of El Segundo-based developer Ocean West Capital Partners and Westbrook Partners of New York for approximately $70 million, according to sources.
The sale of the 12-story, 126,000-square-foot building at 1680 Vine St. in Hollywood, closed on June 8, the sources said.
Ocean West and the seller, New York-based DLJ Real Estate Capital Partners, declined to comment and telephone calls to Westbrook Partners were not immediately returned.
DLJ bought the office high rise in 2011 for $28 million and put $15 million worth of renovations into the aging property. DLJ features the Taft Building on its website’s home page.
The Taft was built in 1923 and its most recent renovation prior to DLJ’s ownership occurred in 1987, according to CoStar Group Inc.
The building once housed the offices of Charlie Chaplin, Will Rogers and the Academy of Motion Picture Arts and Sciences. It has been designed a Los Angeles Historic-Cultural Monument.
The Taft also is located near the Los Angeles County Metropolitan Transportation Authority Red Line’s Hollywood/Vine station.
Real estate reporter Ciaran McEvoy can be reached at firstname.lastname@example.org or (323) 556-8337.