TCW said in deal for real estate firm
From Times Staff and Wire Reports
Los Angeles-based money management giant TCW Group Inc. is expected to announce this week that it is moving into the real estate business by taking a majority stake in Buchanan Street Partners, a Newport Beach real estate investment management and advisory firm.
Buchanan’s business includes advising on sales of commercial properties and managing real estate portfolios.
TCW, parent of Trust Co. of the West, is primarily known as a manager of fixed-income securities, including complex debt issues known as collateralized debt obligations. The firm manages about $150 billion in assets.
Company executives declined to comment.
