Rockwood Capital pays $66M for Santa Monica phone building

DivcoWest bought 60K sq ft office building 3 years ago for $52M

Los Angeles /
Feb.February 18, 2020 05:24 PM
1314 7th Street, Santa Monica and Divco West CEO Stuart Shiff
1314 7th Street, Santa Monica and DivcoWest CEO Stuart Shiff

An affiliate of investment firm Rockwood Capital has paid $65.7 million for the 1930s-era Telephone Building in Santa Monica. Verizon maintains a condominium stake in the creative office property.

The seller, DivcoWest Real Estate Investments, had acquired the 58,000-square-foot building three years ago for $52 million.

The most recent sale pencils out to around $1,100 per square foot, compared to the roughly $900 per square foot DivcoWest paid. San Francisco-based DivcoWest, founded by Stuart Shiff, announced the deal. JLL’s Andrew Harper, Michael Leggett, Doug Bond and Matt McRoskey represented the seller.

DivcoWest undertook further improvements on the building, after Pacshore spent three years restoring, updating and seismically retrofitting it. Pacshore paid $19.5 million for the property in 2012, in partnership with Boston-based Alcion Ventures.

In 2018, DivcoWest secured landmark status for the six-story complex, which was constructed in the Art Deco style and the federal government used it after the Great Depression.

DivcoWest still has a strong presence in the Los Angeles area with high-profile properties that include 331 N. Maple Drive office complex in Beverly Hills — built by David Geffen — 1600 Vine apartment complex in Hollywood and the UTA Plaza office campus in Beverly Hills.


Related Articles

arrow_forward_ios
Riot Games subleases Beachbody Company’s Santa Monica offices
Riot Games subleases Beachbody Company’s Santa Monica offices
Riot Games subleases Beachbody Company’s Santa Monica offices
Activision CEO Bobby Kotick and Pen Factory (Getty, Pen Factory)
“Tony Hawk’s Pro Skater” creator inks new HQ in Santa Monica
“Tony Hawk’s Pro Skater” creator inks new HQ in Santa Monica
Boxing analyst Larry Merchant and his Santa Monica home (Compass, Getty)
Legendary boxing analyst Larry Merchant sells Santa Monica home
Legendary boxing analyst Larry Merchant sells Santa Monica home
5250 Lankershim Boulevard and DivcoWest CEO Stuart Shiff (GPI Companies, DivcoWest)
DivcoWest JV pays $92M for Arts District office complex
DivcoWest JV pays $92M for Arts District office complex
Renderings of Third and Arizona Town Square after the proposed Third Street Promenade Stabilization and Economic Vitality Plan (Downtown Santa Monica)
Santa Monica’s Third Street Promenade could open up to housing, hotels
Santa Monica’s Third Street Promenade could open up to housing, hotels
LPC's Rob Kane and Angelo Gordon CEO Adam Schwartz with the property (LPC, Angelo Gordon)
LPC West, Angelo Gordon pay $73M for office complex
LPC West, Angelo Gordon pay $73M for office complex
The Colorado Center with Hulu President Kelly Campbell and Boston Properties CEO Owen Thomas (inset) (Photos via Getty, LA Realty Partners)
Hulu adds space at Roku-occupied Colorado Center
Hulu adds space at Roku-occupied Colorado Center
Pen Factory, GoodRx CEOs Doug Hirsch and Trevor Bezdek. (Pen Factory, GoodRx)
GoodRx adds 57K sf at Santa Monica’s Pen Factory
GoodRx adds 57K sf at Santa Monica’s Pen Factory
arrow_forward_ios

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

Loading...