SANTA MONICA – January 17, 2020 – DivcoWest has sold its interest in the Telephone Building, a historic, six-story building in downtown Santa Monica, Calif to an affiliate of Rockwood Capital. Terms of the transaction were not disclosed.
DivcoWest purchased the 58,000 square foot creative office and retail interests in the property in 2017. Over its ownership, DivcoWest completed lease-up, made capital improvements and achieved historical landmark status for the building from the City of Santa Monica under the Mills Act, a move which will ensure preservation of the Art Deco structure.
“Santa Monica’s growth has continued to excel in recent years and the Telephone Building’s location and unique appeal to tenants as a jewel-box asset, with landmark status, will preserve its long-term value. We’re proud of the opportunity to have owned it and are confident it will flourish in its next chapter under Rockwood’s stewardship,” said Mike Provost, Managing Director at DivcoWest.
A JLL Capital Markets team led by Managing Director Andrew Harper, Senior Managing Directors Michael Leggett and Doug Bond and Associate Matt McRoskey represented the seller.
DivcoWest currently owns several major commercial assets in Southern California including 331 N. Maple, 1600 Vine, UTA Plaza in Los Angeles; Glendale Plaza in Glendale; and 1420 Kettner and DiamondView East Village in San Diego. The company focuses on acquiring and improving commercial assets in strong innovation markets. It also has major holdings in the San Francisco Bay Area, Austin, Boston, New York City, Seattle, and Washington DC.