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.
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