Southmark Pacific Corp., in the latest in a series of major commercial investments in Santa Monica, has acquired the landmark high-rise office building that served for many years as the corporate headquarters of General Telephone Co.
Southmark officials refused to disclose the purchase price, but a minimum offer of $50 million was established for the sale of the building.
In the past 18 months, Southmark has made several investments in Santa Monica.
In January, 1985, it took over Colorado Place, a 15-acre commercial development, and since then it has purchased an additional 11 acres to be developed in conjunction with the project.
Southmark also bought the Carlsberg Corp., a Santa Monica-based real estate development company, this year.
The purchase prices for those acquisitions were not made public.
"Southmark Pacific Corp. has a definite interest in the Santa Monica community," company President Paul J. Giuntini said.
Southmark has confidence in the city's "viability as a business and commercial center," and plans to strengthen the company's presence here, he said.