Oscar statue
File photo: An Oscar statue appears outside the Dolby Theatre in Los Angeles. Image Credit: AP

The Dolby Theatre, which has hosted the Academy Awards in Los Angeles for more than two decades, is up for sale.

The 3,400-seat theater could trade for about $70 million, according to a person with knowledge of the possible sale who asked not to be identified because the information is private. The listing also includes two parking lots.

The Dolby Theatre, formerly the Kodak Theatre, has a contract to host the Oscars through 2028, according to a presentation by brokerage Jones Lang LaSalle Inc. In addition to the annual red carpet awards show, it's a venue for concerts and other performances.

Located near the Hollywood Walk of Fame, the property is majority owned by the California Public Employees' Retirement System and managed by investment firm Canyon Partners. It's coming to market as commercial-property values have dropped with the rise in borrowing costs and post-pandemic questions about demand for space.

Brad Pacheco, a Calpers spokesman, declined to comment. Representatives for Canyon and JLL didn't immediately reply to a request for comment. Carl Muhlstein, Will Poulsen and Peter Hajimihalis are the JLL brokers named on the listing.

The theater opened in 2001 as part of an adjacent retail complex then known as Hollywood & Highland. In 2019, Gaw Capital USA and DJM bought the shopping center, which it has renovated and rebranded as Ovation Hollywood.