A real estate investment and development firm that formed last year has paid $40.9 million for a West Covina office building.
Long Beach-based Waterford Property Company acquired the 93,400-square-foot property at 1000 and 1050 Lake Drive, property records show.
The seller was Boston-based CrossHarbor Capital Partners, which acquired the building for $34.9 million in late 2015.
Waterford was created in early 2019 by John Drachman, founder of Stillwater Investment Group; and Sean Rawson, founder of the Waterford Group. Waterford Property Company’ residential and commercial portfolio includes the 575,000-square-foot One World Trade Center in Long Beach, which it owns with Greenlaw Partners and Walton Street Capital.
In December, CrossHarbor provided a $112 million loan in Chicago to the triple-branded Hilton at McCormick Place hotel. It was co-founded by Samuel Byrne and William Kremer, and specializes in distressed securities, mezzanine capital and real assets, according to its website.