Canyon Catalyst Fund and Pacshore Partners acquird a two-story office building with an area totaling more than 118,000 square feet in Play Vista, Los Angeles. The purchase followed the establishment of the two companies' program which aims to nurture the next generation of investment fund managers for real estate.
"The Playa Vista office property is well positioned within one of the fastest growing office submarkets of Los Angeles, and is a great first investment for our new joint venture with Philip Orosco and his team at Pacshore," stated Managing Director Maria Stamolis of Canyon Capital Realty Advisors.
Following the purchase, the team will begin of process of creating a Class A creative office campus which will feature large advertising, entertainment and technology firms. Canyon Catalyst Fund and Pacshore are set to invest up to US$5 million to revamp the office building's design and provide for the lifestyle needs of high-end creative users.
The acquisition is among the first made by the Canyon Catalyst Fund, a recent joint venture between the California Public Employees' Retirement System (CalPERS) and Canyon Capital Realty Advisors.
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