Westwood’s historic Holmby Hall sold for $32,675,000 in early October, marking one of the largest Westwood Village real estate sales in the past decade.
The building, sold Oct. 3, features a 110-foot clock tower and spans an entire city block from Weyburn Avenue to Le Conte Avenue. The property was purchased by Dr. Isaac Hakim and ISBC Management LLC, said Steven Sann, the chairman of the Westwood Community Council. It was originally built in 1929 as UCLA’s first women’s residential hall by architects Gordon Kaufmann and John Parkinson, then transformed into a commercial space in the 1930s, which housed a drug store, diner, clothing stores and other businesses throughout its history, Sann added.
David Saghian, a broker at Lyon Stahl Investment Real Estate who helped manage the sale, said he and his fellow brokers were focused on finding a client who would reinvest in Holmby Hall and help revitalize Westwood.
“The property has certain aspects of it that need to be revitalized and improved,” Saghian said. “It had to be someone who was planning to hold it for the next 50 years and sees the vision of what the property can become in the next five to 15 years.”
Hakim and his team did not respond to requests for comment on the sale of Holmby Hall or his involvement in the deal.
Sann said he hopes renewed investment will fill vacancies in the building.
Jacob Lawson, an undergraduate board member at the North Westwood Neighborhood Council, said he hopes the sale brings Holmby Hall new tenants and greater upkeep.
“I think it’s definitely a step in the right direction for helping clean up Westwood’s visual appearance,” Lawson said. “I’m really excited to see the new tenants that we have coming into the space and how that plays a role in the business district of Westwood Village.”
Sann added that the building’s iconic architecture and history attracts people to Westwood, and investing in it could help revitalize Westwood Village businesses.
“What Dr. Hakim purchased – it’s literally one of a kind,” Sann said. “It’s a crown jewel.”
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