March 6, 2017
San Francisco-based DivcoWest completed two SoCal office acquisitions totaling $231.5 million. The transactions involve Glendale Plaza, a 24-story, office tower at 655 N. Central Ave. in Glendale, CA, and The Telephone Building, a six-story, creative office and retail property at 1314 7th St. in Santa Monica, CA.
The 547,300-square-foot Glendale property was acquired for a reported $179 million from PGIM Real Estate, which acted on behalf of institutional investors. The investment manager plans to invest additional capital, including upgrades to common areas and creation of a “tenant experience area.”
In another transaction, DivcoWest purchased a condominium interest in the 58,540-square-foot Santa Monica asset from Pacshore Partners for reportedly $52.5 million. The historic asset was acquired by a partnership between Pacshore and Alcion Ventures in 2012 for $19.5 million, and subsequently underwent significant renovations.
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