Ocean West picks up Hollywood’s Taft Building for $70M

The 95-year-old building last traded for $28 million in 2011

Los Angeles /
Jun.June 13, 2018 02:00 PM
1680 Vine Street and Ocean West Capital Partners Principal Russ Allagrette

A 12-story office building that once housed comedian Charlie Chaplin’s production offices has traded for around $70 million.

Ocean West Capital Partners purchased the 95-year-old Taft Building at 1680 Vine Street from DLJ Real Estate Capital Partners, a New York-based firm, according to Los Angeles Business Journal.

The sale comes out to around $555-per-square-foot. DLJ paid around $28 million for it in 2011 and spent $15 million on renovations.

El Segundo-based Ocean West has partnered with outside firms for its most recent purchases. Last June, the firm partnered with Fortress Investment Group for the $40 million purchase of the Alameda Media Center in Burbank.

The firm also partnered with South Korean investment management firm Hana Asset Management to buy the Dreamworks Animation campus in Glendale in October for $291.4 million.

In addition to Chaplin’s offices, Ocean West’s newest asset also once housed the Academy of Motion Picture Arts and Science, according to the Business Journal. [LABJ] – Dennis Lynch


Related Articles

arrow_forward_ios
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
(Getty, Immersive Van Gogh, iStock)
Former Amoeba Records building, facing demo, will host Immersive Van Gogh exhibit
Former Amoeba Records building, facing demo, will host Immersive Van Gogh exhibit
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
An aerial view of the development site (Google Maps)
Developer plans 76-unit rental complex in Hollywood
Developer plans 76-unit rental complex in Hollywood
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...