CalFed Will Sell Its Headquarters

CalFed Inc., parent of one of the nation’s largest savings and loan associations, said it is selling its 27-story Los Angeles headquarters building as part of a continuing program to reduce its real estate ownership.

“In 1989, we determined that we had some success in direct investment in real estate but that was modest, and we were better off deploying our basic capital in the banking business,” a spokesman said. CalFed is the parent of California Federal Bank, one of the nation’s five biggest thrifts.

The company has received about a dozen offers for the building, a 23-year-old tower at 5670 Wilshire Blvd. in the Mid-Wilshire district. It requires substantial renovation, including adding a sprinkler system and removing asbestos, the spokesman said. CalFed is moving its employees next door.