Curtis Hendrix, an East Coast real estate entrepreneur, and Charterhouse Group International, a diversified investment group representing European financial institutions, have purchased the 13-story Sanwa Bank Building at 612 S. Flower St. and announced plans to renovate at a cost, including acquisition, of $135 million.
The purchase, from a division of a telephone company that owned the 40-year-old building (Sanwa owns Lloyds Bank, which is a tenant), represents the first of many planned by the joint venture, known as Charter Hendrix.
It is a major West Coast expansion of Hendrix's investment activities and signals Charterhouse's entry into real estate. The 15-year-old group has invested until now in more than 30 companies in a wide range of industries. (Last March, Aaron Bros. Art Marts, the nation's largest specialty retailer of picture frames and art supplies, agreed to be purchased by a newly formed company called Bridgehead Inc., which is a group of investors led by Charterhouse.)
During the past decade, Hendrix, a native of New York, has bought and sold several high-rise office buildings, 3 million additional square feet of office space and more than 15,000 apartments along the Eastern Seaboard.