Privately held Hanover says that the 1515 Walnut Grove Ave. building was originally purchased in a sale-leaseback by Potters Avenue Limited Partnership in 1983 and was leased under long-term net lease to Citibank through Oct. 31, 2008. Citibank, in turn, had subleased the entire building to Countrywide for its mortgage call center operation.

Hanover was brought in as the managing general partner of the partnership to oversee and transition the building through the lease expiration and resulting vacancy. Reed Miller and Ken Boyle, managing partners for Hanover Real Estate Partners, commented in a prepared statement that, "Countrywide's departure from the building in October 2008 provided us with the extremely challenging task of repositioning the asset in a very difficult and competitive real estate market."

The Hanover partners say that they had been in discussions with SoCal Edison for quite some time. Marketing materials for the property describe it as a four-story institutional quality office campus with a new parking structure and a ratio of five parking spaces per 1,000 square feet of building. It is also described as a solar-powered green building with a raised floor and backup power and HVAC.