SAN DIEGO, CA--(BUSINESS WIRE)--Pacific Office Properties Trust, Inc. (NYSE Amex: PCE), a West Coast office REIT, announced today the $31 million acquisition of the three-building office complex known as Valencia Corporate Center (top left photo) located in Santa Clarita Valley. Consistent with its co-investment strategy, Pacific Office will co-own Valencia Corporate Center through a joint venture with Angelo, Gordon & Co., a privately held investment manager with approximately $23 billion of assets under management.
The joint venture partnership will be the latest in a long history of joint ventures formed between Pacific Office’s management group and Angelo Gordon, which together have completed over $1 billion in acquisitions.
“The acquisition of Valencia Corporate Center reflects our strategy of purchasing high quality value-add office buildings with institutional co-investors in markets that offer solid long term growth fundamentals,” said Matthew J. Root, (bottom right photo) the Company’s Chief Investment Officer. Situated on a 13.8 acre campus, the Valencia Corporate Center comprises 194,000 square feet in three Class A office buildings located in the Valencia submarket, 30 miles north of downtown Los Angeles within the Santa Clarita Valley. The campus was developed in 1999 and 2007 with amenities including an on-site gym and dining to cater to its diversified tenant roster.
Contacts
Pacific Office Properties Trust, Inc.
Matthew J. Root
Chief Investment Officer
(858) 882-9500
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