Hollywood's Historic Taft Building Undergoes $15M Renovation
The iconic building, situated on the corner of Hollywood and Vine, has increased its occupancy rate from 40 to 75 percent since the facelift.
The historic Taft Building, the first and only high-rise historic office in Hollywood, has been given new life with a multimillion-dollar renovation.
The iconic 1923-built structure, which was home to a slew of famous entertainment names including Charlie Chaplin, Will Rogers and the Academy of Motion Picture Arts & Sciences, was purchased by New York-based real-estate investment firm DLJ Real Estate Capital Partners in 2011 for $28 million and has been given new life with a $15 million facelift.
In an effort to bring it out of neglect and its state of disrepair, the investment firm improved the exterior facade of the nearly century-old building with a cleaning restoration, which included decorative ground-floor elements to upper-floor terra cotta columns.
Inside, plaster was removed to expose the windows and brick walls; marble features were restored; LED lighting, plumbing and HVAC infrastructure were added; and a full seismic upgrade was installed.
Downstairs, a 3,600-square-foot restaurant space with 800 square-feet of patio space is commercially available on the corner's main intersection. Underground, the investment firm permitted for a 7,500-square-foot speakeasy/lounge to be operated.
The building has seen an increase in tenant occupancy since the renovation: Office occupancy dropped to 40 percent during the repair stages and has since increased to 75 percent, with spaces available ranging from 1,500 square-feet to a full 9,500-square-foot floor.
Existing entertainment tenants who remain at 1680 Vine St., which is the only historic building in Hollywood to transition to a creative office, include Bohemia Group, Last Exit Productions and Evolution Music.
The list of new tenants signed under DLJ, The Hollywood Reporter has learned, include the following: Sycamore Pictures, Represent Holdings, Legion, Global Merchandising, Speakr, JTEA, Float, StudyMode and Core Innovation Capital.
Killefer Flammang Architects executed the the historic adaptive reuse design.
Interior office space