REIT Buys Manhattan Towers
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An Atlanta real estate investment trust has purchased Manhattan Towers, an office complex in Manhattan Beach, for $90 million.
The six-story towers, with 310,000 square feet, were sold to Wells Real Estate Investment Trust II Inc. by a joint venture of Hines and GE Capital.
The buildings at 1230 and 1240 Rosecrans Ave. are almost fully leased to such tenants as Northrop Grumman Corp. and Tenet HealthSystem Medical Inc.
Los Angeles firm Nadel Architects Inc. designed the buildings, which were completed in 1985.
The REIT is a subsidiary of Wells Real Estate Funds Inc., which purchases existing Class-A office and industrial properties on behalf of investors. Wells also owns Koll Center Pasadena, an office building at 1055 E. Colorado Blvd.
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