Privately held Hanover says that the 1515 Walnut Grove Ave.building was originally purchased in a sale-leaseback by PottersAvenue Limited Partnership in 1983 and was leased under long-termnet lease to Citibank through Oct. 31, 2008. Citibank, in turn, hadsubleased the entire building to Countrywide for its mortgage callcenter operation.


Hanover was brought in as the managing general partner of thepartnership to oversee and transition the building through thelease expiration and resulting vacancy. Reed Miller and Ken Boyle,managing partners for Hanover Real Estate Partners, commented in aprepared statement that, "Countrywide's departure from the buildingin October 2008 provided us with the extremely challenging task ofrepositioning the asset in a very difficult and competitive realestate market."


The Hanover partners say that they had been in discussions withSoCal Edison for quite some time. Marketing materials for theproperty describe it as a four-story institutional quality officecampus with a new parking structure and a ratio of five parkingspaces per 1,000 square feet of building. It is also described as asolar-powered green building with a raised floor and backup powerand HVAC.

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