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HOLLYWOOD — The Art Directors Guild & Scenic, Title and Graphic Artists has purchased a 17,500 square-foot, three-story office building in Studio City for nearly $4 million.

The 44-year-old building next to CBS Studio Center is the same one in which the guild has been renting office space for the past five years, occupying the second floor. Guild, which reps about 1,600 art directors, production designers and scenic artists, will continue to rent out the first and third floors.

Escrow closes July 12, and the purchase includes a 50-space outdoor parking lot. Guild, which operates as Local 800 of the Intl. Alliance of Theatrical Stage Employees, said future improvements will include a permanent home for the industry’s research library collections, a screening room, members art gallery, green room as well as restaurant and retail spaces.

“After years of discussion and countless meetings through one administration after another and after a long, wide search throughout the city, on both sides of the hill, the guild is excited to have finally found a permanent and centrally located home,” prexy Thomas Walsh said.