AB Global buys three LA office buildings as part of $153M portfolio

Los Angeles /
Jul.July 05, 2016 02:00 PM

New York-based investment firm AllianceBernstein L.P. has some new assets in L.A.

AllianceBerstein, or AB Global, recently purchased two office properties in Marina del Rey and one in Pasadena as part of a $153 million five-property portfolio, The Real Deal has learned.

The two other properties are located in Colorado. The seller of the 803,635-square-foot portfolio was real estate management and investment firm SteelWave, based in Foster City. Eastdil Secured brokered the deal on behalf of the buyer.

The Marina del Rey buildings at 4551 and 4553 Glencoe Avenue had a combined price tag of $50.5 million. Built in 1984, the twin three-story office structures were 92 percent leased at the time of the sale. Together, they total more than 145,000 square feet and qualify as one of the biggest commercial transactions in the second quarter of 2016.

AB Global’s new Pasadena property is a modernistic 11-story structure at the northeast corner of Green Street and Lake Avenue. This 110,056-square-foot office building was 84 percent leased at the time of the sale. The structure was constructed in 1982.

The two remaining properties, one in Centennial, Colorado and the other in Greenwood Village, Colorado, cost $41 million and $30 million, respectively.

SteelWave was involved in another pricey deal this year: Its sale of 23 industrial properties in Santa Fe Springs to Kearny Real Estate and Morgan Stanley for $77.5 million.

AB Global did not immediately respond to requests for comment.


Related Articles

arrow_forward_ios
Residences at Westgate, The Hudson and Waterford co-founder John Drachman (Waterford Property Company, the CSCDA)
Waterford Property pays $335M for 2 Pasadena rental complexes
Waterford Property pays $335M for 2 Pasadena rental complexes
Rendering of the Pasadena complex. (Smith Group / City of Pasadena)
Latest medical office complex planned in Pasadena
Latest medical office complex planned in Pasadena
Tom Girardi and Erika Jayne with 100 Altos Drive (Getty, Compass)
Facing lawsuits, Tom Girardi and Erika Jayne list Pasadena mansion
Facing lawsuits, Tom Girardi and Erika Jayne list Pasadena mansion
Rendering of the new Pasadena office and existing building inset. (JLL, 101 South Marengo)
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Rendering of the project and Regency Park President Emil Fish (City of Pasadena)
Senior living developer upsizes Pasadena project
Senior living developer upsizes Pasadena project
Daniel Taban and a rendering of the project (City of Pasadena)
Jade Enterprises eyes major multifamily project in Pasadena
Jade Enterprises eyes major multifamily project in Pasadena
Jeffrey Jaeger and the Villa Raymond Apartments (Google Maps)
Standard Companies buys Pasadena senior housing, plans fix-up
Standard Companies buys Pasadena senior housing, plans fix-up
Thomas F. Rosenbaum, Caltech President, and a rendering of the project
Caltech wants to build 80K sf mass timber research lab
Caltech wants to build 80K sf mass timber research lab
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...