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The Real Deal Los Angeles

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

Two of the properties are in Marina del Rey and one is in Pasadena
70 South Lake Avenue, 4553 Glencoe Avenue and AB Global CEO Peter Krause (credit: CoStar, AB Global)

70 South Lake Avenue, 4553 Glencoe Avenue and AB Global CEO Peter Krause (credit: CoStar, AB Global)

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.