SANTA MONICA, CALIF. – March 1, 2017 –DivcoWest has completed the purchase a condominium interest in The Telephone Building, a Class A creative office, telecom and retail building at 1314 7th Street in downtown Santa Monica.
“The Telephone Building is an irreplaceable top grade commercial asset in a severely supply-constrained submarket of Los Angeles. It has superb access to transit and other crucial amenities that employers look for to attract and retain talent,” said Michael Provost, Managing Director of DivcoWest.
The acquisition expands DivcoWest’s already significant footprint in the Los Angeles market, which currently includes Continental Grand Plaza, a 482,000 s.f. office complex in El Segundo and Water’s Edge, a 6.5 acre creative campus in Playa Vista.
The Telephone Building underwent a full renovation in 2014 to bring it to a best-in-class, Class A creative office standard. The building is leased to tenants that include one of Southern California’s premier venture capital firms and two renowned restaurants – Cassia and Ester’s Wine Shop and Bar.
The building is within walking distance of Santa Monica’s new Metro Expo train station, the Third Street Promenade and many high-end businesses, restaurants and retailers.