Alliance Commercial Partners has acquired Pacific Center, a 415,000-square-foot office property in Los Angeles.
The value of the transaction was approximately $65 million.
Pacific Center, which is comprised of three connected buildings, was originally built in 1921 for the Pacific Mutual Life Insurance Co. as its national headquarters. It underwent extensive renovation programs in 1985 and 1992, including upgrading common areas, HVAC, fire life/safety systems, and a major rehabilitation of the parking garage-to-building thoroughfare.
Holualoa Cos. sold the landmark property, located at 523 West Sixth St. Located in the Los Angeles central business district, the site is a favorite setting for filmmakers, according to a press statement, and is home to such prominent tenants as The Water Grill, The United Way and American Business Bank.
The property was 75 percent leased at the time of the sale.
Cushman & Wakefield, a privately held real estate services firm operating worldwide, negotiated the transaction.
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