LOS ANGELES-The first deal for a new joint venture designed tocultivate young CRE fund managers has closed. The CanyonCatalyst Fund and Pacshore Partners haveacquired a two-story office building totaling over 118,000 squarefeet in Playa Vista for just over $36 million.

The office building, which houses eight distinct office suites,is situated on over five acres of land at 5340 AllaRd., just north of Jefferson Blvd. Theformer industrial site includes 451 parking spaces, an abundantamount of parking for that area. The LionstoneGroup was the seller in the off-market deal.

The acquisition is one of the first within the Canyon CatalystFund, a new joint venture between Canyon Capital RealtyAdvisors and the California Public Employees'Retirement System (CalPERS). The $200-million fund, whichwill facilitate $400 million of investment, is designed to identifyearly-stage real estate managers with strong potential for success,access to unique investment opportunities, and cultivate the nextgeneration of CalPERS portfolio talent.