More than $10 million will be spent by Southmark Pacific Corp., the new owners of the former General Telephone Building in Santa Monica, to bring it up to Class A, multitenant standards.
The 21-story building at Ocean Avenue and Wilshire Boulevard was acquired by Southmark Pacific last June for "considerably less" than the asking price of $50 million, according to Paul Giuntini, president of Southmark Pacific. General Telephone moved its headquarters to Westlake Village.
The extensive interior and exterior improvements are scheduled to be completed early this year, with occupancy set for March. Southmark is based in Marina del Rey.