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Ocean West picks up Hollywood’s Taft Building for $70M
The 95-year-old building last traded for $28 million in 2011
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