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| Telephone Building, Downtown Santa Monica, CA |
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| Doug Bond |
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.
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| Andrew Harper |
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.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Public Relations
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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