LOS ANGELES-Locally based CommonWealth Partners and New York’s Rockefeller Group have acquired the 52-story, 777 Tower office building from Mitsubishi Estate Co. LLC, with CalPERS, the California Public Employees Retirement System, as an investor. Terms of the sale,which includes an adjacent parcel entitled for development, were not disclosed, but the deal is believed to be in the mid-$200-million range. The 777 Tower, at the corner of Seventh and Figueroa streets, is a one-million-sf, class A office property. The adjacent parcel is entitled for 944,000 sf of development, including office, hotel and/or residential property on a parcel at 755 S. Figueroa St., according to Brett J. Munger, chief investment officer of CommonWealth Partners.Munger notes that the buyers acquired the 777 Tower in an off-market transaction. Tenants at the tower include insurance firm Marsh Inc., AIG, Arnold and Porter, Mercer Human Resources, Orrick, Herrington & Sutcliffe, Kirkland & Ellis, and UBS Financial. Marsh signed its 240,000-sflease during the time the sale was closing. The 777 Tower was designed by architect Cesar Pelli and is part of a larger development that includes a 40-store retail center anchored by a Robinsons-May department store. The retail space was not part of the CommonWealth acquisition.

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