Trizec Properties, Inc. announced today it has acquired full ownership of Ernst & Young Plaza, one of the premier commercial properties in downtown Los Angeles.
Trizec, which already owned a 25 percent stake in the property, acquired the remaining 75 percent from Whitehall Street Real Estate Limited Partnership VII, a private real estate investment fund managed by Goldman, Sachs & Co. The transaction was based on an effective 100 percent fee simple value of $149.8 million. The return on initial cost is in excess of 9 percent.
Trizec completed this acquisition through a tax-efficient reinvestment of proceeds from the recent sale of Perimeter Woods, a property located in Charlotte, NC.
The acquisition was TrizecÂ's first since being launched last month as a publicly traded U.S. office REIT.
(source: Trizec Properties)