LOS ANGELES-The long-time home of the pension and health fund for the Directors Guild of America has been acquired for $14 million in an all-cash deal. The property is located at 8436 W. 3rd St.

The 37,962-square-foot office building was sold to the CIM Group, which also owns the Hollywood & Highland complex and the Sunset Vine Tower, among other properties. They plan to extensively remodel and reposition the property and may occupy the building, according to a spokesperson for Madison Partners, the broker for the deal.

The property was built in 1983 to a nine-story height, with full-length balconies on the East and West sides of the building. Lynwood Fields and Brad Schlaak of Madison Partners represented the seller, the Directors Guild of America–Producer Pension and Health Plans. The property was widely marketed.

“There is a lot of capital looking for well-positioned value-add and user product in these prime areas,” said Fields in a prepared statement. “The competition for this asset was fierce, with a broad buyer pool consisting of investors, owner/users and developers.”

The DGA-PPHP, which has occupied most of the property since its acquisition in 1986, will relocate and expand into a new facility in the Miracle Mile area.

As previously reported by GlobeSt.com, the CIM Group recently sold the Sunset Vine Tower, a building with a backstory straight out of a Hollywood movie.