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

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

TRD 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 Article

arrow_forward_ios
Holland Partner Group CEO Clyde Holland and a rendering of the Hollywood project

Holland Partner Group’s Hollywood apartment project faces labor union challenge

1723 N Wilcox Avenue (Credit: Google Maps)

Hollywood hotel construction craze: Developer abandons apartment project for hotel instead

A rendering of the proposed hotel project on Whitley Street (Credit: Daryoush Safai)

Reservations: Hollywood hotel project faces appeal from rent control tenants

AIDS Healthcare Foundation CEO Michael Weinstein and the Amoeba Music store (Credit: Getty Images and Wikipedia)

Amoeba Music owner says landmarking effort by nonprofits is ploy to prevent resi development

5525 W. Sunset Boulevard (Credit: Google Maps and iStock)

Going bigger: Reliable Properties adds 100 units to Hollywood resi project plan

Hollywood & Highland, Gaw Capital Chairman Goodwin Gaw and DJM founder John Miller

CIM Group sells Hollywood & Highland mega-complex for $325M: sources

Hillview Hollywood, Jesse Lasky , Samuel Goldwyn , Adolfo Suaya (Credit: Wikipedia and Getty Images)

Historic Hollywood building in Opportunity Zone becomes latest repositioning target

LA Councilman David Ryu (Credit: Getty Images and iStock)

LA Councilman David Ryu wants less power for developers and for himself

arrow_forward_ios