Charlesbank Capital Joint Venture Acquires California Property for $56 Mil

BOSTON-The seller of the 310,000-sf, two-building complex, which sits on five acres of land, is American Industrial Properties. Located 10 minutes from Los Angeles International Airport, the towers were built in 1985 and are currently 98% leased to such tenants as TRW Inc., Lucent Technologies and the Manhattan Beach Unified School District.

This is the second pairing of Charlesbank Capital Partners and Divco West. In 1998, they formed a joint venture that acquired and repositioned the 570,000-sf Park Center Plaza in San Jose, CA. Divco West, which specializes in repositioning assets in growing markets, has acquired more than nine million sf of commercial property and 700 acres of land to date.

Commenting on the Manhattan Towers acquisition, Chip Douglas, managing director of Charlesbank Capital Partners says, “The Manhattan Beach/El Segundo submarket is one of the tightest office markets in the Los Angeles area, with rapidly increasing demand and limited new supply. With the low vacancy and high rents of West LA, this area is seen as a value alternative, offering a desirable beach community, nearby amenities and easy access to the freeways.”

Charlesbank Capital Partners is a private investment firm with more than $2 billion of capital committed to acquisition and financing for growing corporations and real estate assets.