HOLLYWOOD, Calif., June 14, 2018 /PRNewswire/ — Ocean West Capital Partners (“Ocean West”) has acquired the Taft Building, a historic 12-story 124,000 square foot office and retail building at the world-famous intersection of Hollywood Boulevard and Vine Street. Purchased in an off-market transaction, the project, originally built in 1923, is well known as the first high-rise office building in Hollywood with prior tenants including classic entertainers such as Charlie Chaplin and Will Rogers.
The Taft Building – Ocean West Capital Partners
With the transaction now complete, Ocean West plans to further enhance the property’s unique historic features to better cater the building to creative and entertainment tenants within the Hollywood market. While the property recently underwent an extensive renovation, Ocean West has plans to elevate the building in the market by completing capital upgrades to the lobby and common areas, converting the ground floor basement space into an entertainment focused use to fit with the historic character of the building, and providing a high touch level of service to its entertainment industry focused clientele.
The Taft Building is home to a diverse group of companies in the entertainment and creative industries, as well as home to several restaurants and cafes. Additionally, Hollywood’s hottest new restaurant, APL, recently opened on the ground floor of the building adding further energy to the landmark building. New and existing tenants will enjoy an expansive collection of restaurants, retailers, entertainment, hotels and high-quality residential options nearby. The building features easy access from the nearby 101 Freeway and is located on top of the Hollywood/Vine Metro Station.
Since its formation in 2010, Ocean West Capital Partners has acquired and operated office and multifamily residential investments valued at nearly $2.0 billion and completed over $4.0 billion of commercial real estate transactions. With over 100 years of combined experience and $50 billion of real estate transactions completed among its principals, Ocean West Capital Partners is a full service real estate investment, operations, and management platform dedicated to identifying and executing opportunities that create long-term value for its partners and investors.
“The Taft Building is an iconic office building with a natural authenticity including exposed red brick, operable windows, open ceilings, and polished concrete floors, all features that are unique in the Hollywood office market and attractive to today’s progressive tenants,” said Ryan Tucker, Director at Ocean West Capital Partners. “We have had a very successful track record developing creative office space throughout Southern California, and we look forward to transforming the Taft Building into the top boutique, creative office building for technology, media and entertainment companies looking to locate or expand in Hollywood.”
SOURCE Ocean West Capital Partners