SoCal Edison Buys Office Building for $34M

ROSEMEAD, CA-Southern California Edison has acquired a 270,000-square-foot office building at 1515 Walnut Grove Ave. from Greenwich, CT-based Hanover Real Estate Partners for $33.75 million. The building is near the headquarters of SoCal Edison, which Hanover says it identified some time ago as a prospective occupant of the building.

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.