Tooley to Sell Properties’ Stake to Cornerstone

Longtime Los Angeles-based real estate developer and manager Tooley & Co. has agreed to sell a $60-million joint venture stake in two of its largest assets to Cornerstone Properties Inc., a New York real estate investment trust, seeking to establish a West Coast presence. Tooley and partner Noro Group, a Dutch investment firm, are selling stakes in the 11-story Wilshire Palisades building at 1299 Ocean Ave. in Santa Monica, and 201 California St., a 17-story building in San Francisco’s financial district, for $60 million in cash and assumption of debt, Chairman William Tooley said. In addition, both Noro and Tooley will have options to sell Cornerstone the rest of their interest for units convertible to stock.