Meringoff to Buy CNN Tower

Meringoff Equities is expanding its Hollywood area real estate holdings with an agreement to buy the 15-story CNN Tower.

Meringoff, controlled by New York real estate developer Stephen Meringoff, declined to give the sale price. People familiar with the deal said the building sold for close to its $24-million asking price. The seller is Copperfield Investments.

The sale is expected to close soon, said Rob Langer, managing director of Meringoff Equities. The company also completed the purchase of another Hollywood property, a 30,000-square-foot building at Hollywood Boulevard and Ivar Street, he said.

Meringoff has owned several buildings in Hollywood since the mid-1980s. After staying on the sidelines for a few years, it has jumped back into the real estate market and will soon control about 600,000 square feet of space in the area as a result of recent deals. “Our interest [in Hollywood] has been renewed and rekindled,” Langer said.

The CNN Tower, which is on Sunset and Cahuenga boulevards, includes 200,000 square feet of office space and a parking structure. The buyer and seller were represented by brokers at Greenwich Group International.