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3/07/17
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DivcoWest paid $52.5 mil for a 58.5k sf ($897/sf) condo interest in the Telephone Building, a six-story, creative office building in Santa Monica. The remaining 33.3k sf condominium interest houses a telephone switching hub owned by Frontier Communications, and was not included in the sale.
Located in the heart of Downtown Santa Monica, the 92k sf Telephone Building is an iconic 1930’s-era, creative office building that is 86% 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.
HFF’s Doug Bond and Andrew Harper represented the seller, a joint venture between Alcion Ventures and Pacshore Partners.
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