Related buys Pacific Center in Torrance for roughly $105M
New York-based company plans to reposition the 300K sf building
Related Fund Management, a subsidiary of the Related Companies, acquired a 306,700-square-foot office building, known as the Pacific Center, at 21250 Hawthorne Boulevard, The Real Deal has learned.
The New York-based company paid $106 million to Stream Realty Partners for the building, according to a source familiar with the deal. Stream Realty purchased the site in 2015 for $67.8 million, records show.
Pacific Center, located across the Del Amo Fashion Center at the intersection of Hawthorne and Torrance boulevards, recently underwent a $500 million renovation. The eight-story office complex is 91 percent leased to majority financial tenants including Bank of America, Wells Fargo and Morgan Stanley.
Ryan Gallagher and Andrew Harper of HFF brokered the deal.
Related plans to reposition the building to provide a highly amenitized office environment, equipped with a fitness center and on-site café, according to Jason W. Morrow, a senior vice president with the firm.
Parent company Related and its Golden State arm, Related California, own major residential projects scattered around the state, including the luxury condo tower The Century in Century City and the apartment complex the Paramount in San Francisco. Its fund management platform focuses on distressed real estate opportunities, origination and acquisition of debt and multi-family housing opportunities, according to its website.
The seller, Dallas-based Stream Realty Partners, currently leases or manages over 130 million square feet across the nation, according to a company release. The company holds offices in San Diego and Orange County. Stream Realty could not be reached for comment.
South Bay’s Torrance has been home to a flurry of recent transactions, involving Sares Regis’ $270 million acquisition of the former Toyota campus and Continental Development’s $49 million purchase of Madrona Business Campus.