HFF closes $52.5 million sale of the Telephone Building in Santa Monica, California
LOS ANGELES, CA – March 6, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $52.5 million sale of a 58,538-square-foot condominium interest in the Telephone Building, a premier six-story creative office building in Santa Monica, California. The remaining 33,254-square-foot condominium interest houses a telephone switching hub owned by Frontier Communications, and was not included in the sale.
HFF marketed the property on behalf of the seller, a joint venture between Alcion Ventures and Pacshore Partners. DivcoWest was the purchaser.
Located in the heart of Downtown Santa Monica, the 91,972-square-foot Telephone Building is an iconic 1930’s-era, creative office building that is 86 percent leased to a strong line-up of quality tenants. Ideally located in the heart of downtown Santa Monica, the historic Telephone Building boasts roof-top ocean views; spacious open floor plates; and award-winning, ground-floor dining amenities, including Cassia, which was named Restaurant of the Year by LA Weekly Magazine and one of the top 12 new restaurants in America by GQ Magazine and Esters Wine Shop & Bar.
The HFF investment sales team representing the seller was led by senior managing director Doug Bond and managing director Andrew Harper.
“There is significant demand in the marketplace for authentic creative office assets,” Bond said. “HFF is pleased to have been able to represent Alcion and Pacshore, who had the vision and expertise to breathe new life into this historic building in one of the most supply-constrained markets in Southern California.”
About Alcion Ventures
Founded in 2004, Alcion Ventures is a real estate investment manager with extensive experience of generating risk-adjusted returns for institutional investors through the active repositioning of assets across property types. Alcion's senior team have worked together for almost two decades resulting in a disciplined, thesis-driven investment strategy that leverages a deep network of relationships and targets seven major North American cities. Based in Boston, Alcion invests on behalf of major U.S. and international institutional investors including public and private pensions, endowment and foundations and high net worth individuals. For more information, please visit alcionventures.com.
About Pacshore Partners
Pacshore Partners is a Los Angeles-based firm focused on investments in real estate equity and high-yield debt. Founded by Philip Orosco in 2012, Pacshore Partners specializes in office and mixed-use property investments in Southern California in submarkets with particularly limited supply. Pacshore Partners adds value through improving property operations, optimizing space and utilizing proprietary local market information.
DivcoWest was founded by Stuart Shiff, who founded DivcoWest Properties in 1993. DivcoWest is a vertically-integrated operating company with approximately 95 employees that provides asset, property and construction management and leasing services and has offices in the San Francisco Bay Area, Los Angeles, and Boston. DivcoWest is comprised of a dedicated group of professionals with extensive experience in sourcing, structuring, acquiring, financing, developing, redeveloping, managing, leasing and selling primarily commercial real estate and other real estate-related assets. DivcoWest employs a disciplined approach to investing on behalf of a broad base of U.S. and non-U.S. public and corporate pension funds, institutional investors and high net worth individuals, with a focus on creating value through prudent acquisitions, active management and well-timed sales. For more information, please visit divcowest.com.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.