FOR IMMEDIATE RELEASE
Contact: Jessica Neuman
IDEA HALL
(714) 436-0855 ext. 31
jessica@ideahall.com
Buchanan Street Partners Invests in Santa Monica Office
- Buchanan Street Partners invests $3.4 million with Davenport Partners
Newport Beach, CA (November 8, 2006) - Buchanan Street Partners, a national real estate investment
bank, invested $3.4 million for a three-story office building in Santa Monica, CA. This property has
44,366 rentable square feet of office space as well as adjacent parking structure. It is located on
the north side of Ocean Park Boulevard, the primary east-west commercial corridor in the Ocean Park
district of Santa Monica.
Buchanan Fund IV provided the total joint venture equity commitment of $3.52 million. This represented
the fifth investment Buchanan provided for Davenport Partners. The partnership between Buchanan and
Davenport also obtained a 7 year, $8.2 million loan.
Buchanan/Davenport plans to improve this Class "B" office space and bring rents to reflect the market
rate by enhancing property management and visibility in the market. The property, built in 1979, is
situated on nearly an acre of land and is located approximately one-half mile south of the Santa
Monica Freeway. The location borders Marina Del Rey, Brentwood, Pacific Palisades, and Culver City.
The services sector in LA is expected to continue growing. On a seasonally adjusted basis, the Los Angeles
County added 38,000 civilian jobs from August '06 to September '06, as the county's unemployment rate
stands at 4.8 percent. Over the year from September '05 to '06, professional and business services
added 5,100 jobs in LA County.
About Buchanan Street Partners…
Buchanan Street Partners is a national real estate investment bank that
provides real estate capital and advisory services for owners and developers and Investment Management
for institutional and high-net-worth investors. The firm's advisory services include debt and
structured finance and investment sales for commercial, multi-family and hotel properties. Buchanan's
Investment Management business invests equity and structured debt capital with local operating
partners nationally. Offices are located in Newport Beach, Los Angeles, San Francisco, Chicago,
Atlanta and Washington D.C.
About Davenport Partners…
Davenport Partners is a Newport Beach-based real estate investment firm
that acquires, improves, and manages real estate assets. The company primarily targets office buildings
in Southern California. The firm's principals have collectively acquired, developed, and operated more
than 11 million square feet of office and industrial properties throughout Southern California.
