RREEF Real Estate has sold its majority interest in an office building in the greater Los Angeles area. According to a statement, the real estate investment management business of Deutsche Bank’s Asset and Wealth Management division has sold its 95 percent equity interest in The Pinnacle, an office building in Burbank, California, for approximately $202 million.
Data provider Real Capital Analytics lists the buyer as a joint venture consisting of Los Angeles-based REIT Hudson Pacific Properties, Santa Monica, California-based developer M. David Paul & Associates and Santa Monica-based operator Worthe Real Estate Group. RREEF sold the stake on behalf of its German open-ended real estate fund Grundbesitz Global.
RREEF initially purchased its interest in the 393,000-square-foot property in November 2003 for $136.3 million. The six-story property, located at 3400 West Olive Avenue in Burbank, currently is 92 percent occupied by tenants that include Warner Music Group and Clear Channel.