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WEST LOS ANGELES, CA-Alliance Commercial Partners bought the 148,727-sf Teleflora Plaza at 12233 W. Olympic Blvd. from Principal Capital Management for $21.8 million and plans a major renovation of the 22-year old office development, according to Bob Safai and Lynwood Fields of Madison Partners, who represented both the buyer and the seller in the sale of the property.

The new owner secured $22.5 million in financing to cover the purchase plus $7.5 million in renovations due to begin next year, according to Mike Guterman and Kevin McKenzie of Buchanan Street Partners, who arranged the funding.

The duo says the property was financed at 75% of cost on a three-year, floating rate loan. The renovations will include upgrades to the physical plant as well as cosmetic improvements to make the building more competitive in the West L.A. leasing market. The eight-building, garden-style office project was developed in 1980 on a 2.6-acre site and includes underground parking.

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