Oklahoma executive mulls sale of Security Pacific Bank building for $60M

Marketing materials suggest the half-leased building could become a private club, hotel, co-working space

Jul.July 26, 2019 11:00 AM
Owner Jeff Records and the Security Pacific Bank building
Owner Jeff Records and the Security Pacific Bank building

The owner of one of the most historic buildings on Hollywood Boulevard has put the property up for sale, nearly a decade after attempts at converting the building to a boutique hotel fell through.

Jeffrey Records, CEO of Oklahoma-based MidFirst Bank, has put the former Security Pacific Bank building on the market, The Real Deal confirmed. He’s also selling a surface lot that is adjacent to the building.

Bids are expected to reach $60 million.

Located at 6381 Hollywood Boulevard, the building spans 68,000 square feet across seven stories. It’s currently about 50 percent leased to five tenants, most of which are on a month-to-month lease.

The 1922-built building has been on the National Register of Historic Places since 1983. Rumor has it that Howard Hughes, Charlie Chaplin and Cecil B. DeMille frequented the bank back in the day. The building was also featured in Raymond Chandler’s novel, “The Long Goodbye.”

Records owns the building, and the adjacent land at 1716 Cahuenga Boulevard, through an entity named Spbb LLC, property records show.

A decade ago, he filed plans to convert the property to a 80-room boutique hotel that would feature a restaurant, nightclub, spa, rooftop bar and swimming pool. Construction was initially scheduled for 2011 but then pushed back to 2014. Ultimately, the adaptive reuse project fell through.

Marketing materials from Cushman & Wakefield suggest the next owner could attempt to convert the building once again, maybe to a private club or co-working space.

Real Estate Alert first reported the listing.

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