The historic Fox Village Theatre, located in the heart of Los Angeles’ Westwood Village, has been sold. According to public records, the site sold for $15.5 million or about $643 per square foot to multiple owners.
The Los Angeles Times reported that the new owners are a coalition of directors led by Jason Reitman. This includes Christopher Nolan, J.J. Abrams, Guillermo del Toro, Christopher McQuarrie, Judd Apatow, Damien Chazelle, Steven Spielberg, Chris Columbus, Bradley Cooper, Alfonso Cuarón, Hannah Fidell, Alejandro González Iñárritu, James Gunn, Sian Heder, Rian Johnson, Gil Kenan, Karyn Kusama, Justin Lin, Phil Lord, David Lowery, Chris Miller, Todd Phillips, Gina Prince-Bythewood, Jason Reitman, Jay Roach, Seth Rogen, Emma Seligman, Emma Thomas, Denis Villeneuve, Lulu Wang and Chloé Zhao. Previously, the theater had been owned by the Margaret Skouras Martyn family.
Newmark represented the sellers in the transaction. According to the firm, Newmark Senior Managing Director Steven Salas, Vice Chairman Bill Bauman and Executive Managing Director Kyle Miller were involved in brokering the deal.
“The Fox Village Theatre is not merely a property; it is a cornerstone of Los Angeles’ cultural legacy. Its rich history, combined with the architectural marvel, has made it an iconic landmark,” Salas said in a news release. “We are honored to have represented the sellers in this transaction and are confident the legacy of the Fox Village Theatre will continue to flourish.”
Built in 1931, the property is situated at 945 Broxton Ave. and 10959 Weyburn Ave. and totals about 24,099 square feet. This includes the 17,155 square foot theatre space and an additional 6,944 square feet of retail space that is home to a 3,088 square foot Starbucks outlet.
With the recent acquisition, the buyers intend to make the theatre a place to showcase their personal collections, including props, wardrobe items and more. There are also plans to add a restaurant, bar and gallery. The 1,300-seat theater will also show first-run films and repertory programming.
“We want this to be a showcase for first-run movies on one of the biggest screens in the country with the best picture and best sound. And simultaneously, a place where you can see indie film, international film, rep-house film, programmed by one of your favorite directors,” Reitman told the Los Angeles Times.
