Tor­rance com­plex is sold

Del Amo Fi­nan­cial Cen­ter will get a $ 35- mil­lion makeover, the new own­ers say.

Los Angeles Times - - COMPANY TOWN - By Roger Vin­cent

Del Amo Fi­nan­cial Cen­ter, a prom­i­nent Tor­rance of­fice com­plex, has been sold for $ 62.4 mil­lion to de­vel­op­ers who plan to make large- scale im­prove­ments to the ag­ing prop­erty.

The eight- acre com­plex in the city’s fi­nan­cial dis­trict, dat­ing to the mid- 1960s, will get new shops, restau­rants and a health club in a $ 35mil­lion makeover over the next two years, the new own­ers said. It will be also be re­named Del Amo Cross­ing.

Muller Co., an Irvine real es­tate in­vest­ment com­pany, and GreenOak Real Es­tate, a real es­tate pri­vate eq­uity in­vest­ment firm, bought Del Amo Fi­nan­cial Cen­ter from Los An­ge­les com­mer­cial prop­erty land­lord Jami­son Prop­er­ties. It con­sists of a 13- story of­fice tower, a curv­ing five- story of­fice build­ing and four cir­cle- shaped twos­tory build­ings.

Plans call for ren­o­vat­ing the tower and turn­ing the f ive- story struc­ture into a med­i­cal of­fice build­ing. In a sec­ond phase of con­struc­tion, the own­ers plan to build more re­tail out­lets in­clud­ing a gym and a large res­tau­rant at the in­ter­sec­tion of Hawthorne Boule­vard and Car­son Street. A wa­ter fea­ture — cur­rently drained of wa­ter — will be re­moved to make way for a public rock gar­den.

The build­ings now suf­fer from va­can­cies. Ac­cord­ing to real es­tate data provider CoStar Group, the tower is 66% leased and the f ivestory build­ing is 37% leased. The new own­ers hope the makeover will re­verse the trend, in part be­cause there is a short­age of med­i­cal of­fices in the re­gion.

“The Del Amo Fi­nan­cial Cen­ter ac­qui­si­tion marks a rare op­por­tu­nity to rein­vent what was once one of the area’s most pres­ti­gious busi­ness com­plexes,” said Ste- phen Muller, prin­ci­pal at Muller Co.

Across Hawthorne Boule­vard from the of­fice com­plex is Del Amo Fash­ion Cen­ter, one of the largest shop­ping malls in the coun­try at 2.4 mil­lion square feet. The mall’s own­ers, Si­mon Prop­erty Group, are con­duct­ing a mul­ti­mil­lion- dol­lar makeover in­tended to make the mall more mod­ern and up­scale. roger. vin­cent @ latimes. com Twit­ter: @ rogervin­cent

Muller Co.

THE OF­FICE COM­PLEX at Hawthorne Boule­vard and Car­son Street will get new shops, restau­rants and a health club and be re­named Del Amo Cross­ing.

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