Meringoff of Himmel + Meringoff sells 117,000 s/f Taft Building for $27.5 million

Commercial real estate investor/owner Stephen Meringoff, a managing partner of Manhattan-based Himmel + Meringoff Properties and for many years an active player in the Los Angeles marketplace, recently shed his last remaining west coast property, an office building located at the intersection of Hollywood and Vine that he owned with partner Jay Shidler for three decades. The 12-story, 117,000 s/f Taft Building, which once boasted such tenants as the Academy of Motion Picture Arts and Sciences and movie icons Charlie Chaplin and Will Rogers, was sold to DLJ Real Estate Capital Partners LLC for $27.5 million. At its peak, Meringoff was the largest individual owner of office buildings in Hollywood with a portfolio that included the CNN Building and two of the four corners of Hollywood and Vine. "I totally enjoyed my Hollywood experience," said Meringoff, "but Leslie (partner Leslie Wohlman Himmel) and I are more committed than ever to upgrading and expanding our New York portfolio and I wanted to make sure I was able to focus 100% of my energy and passion on that pursuit as we move forward." Himmel + Meringoff Properties' most recent acquisition (December 2010) was the office building at 158 West 28th St. and the partnership is now aggressively pursuing other investment opportunities throughout the Manhattan marketplace. The company presently owns and operates over 2 million s/f of office, retail and industrial space. Himmel + Meringoff Properties long-term investment strategy is based on successfully identifying and evaluating well-located but under-performing properties and structuring complex transactions that are often highly customized to meet the disposition objectives of the property's owners. The company's strategic approach to acquisitions includes joint ventures, net leases with options to buy, partial sale-leasebacks, tax-free exchanges and all cash fee purchases. # # # 02/12