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7/16/15
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We’ve got a very newsworthy office buy in LA’s South Bay region to report, as San Antonio, TX-based AGI Properties Inc purchased The Station, a 53.8k sf, Class A building in El Segundo, for $31 mil. That works out to about $580/sf, one of the highest prices ever paid for an El Segundo office property.
The creative office campus is located at 2201 E. El Segundo Blvd, between Sepulveda Blvd and the 405 Fwy. It was sold by Montana Avenue Capital Partners LLC (MAC), who acquired the property in March 2014. MAC is a real estate investment, management and development company based in Santa Monica, with a regional office in Scottsdale, AZ.
The seller invested significant capital to redevelop the building into a premier office campus featuring state-of-the-art workplace technology, outdoor work spaces, collaborative open space throughout the interior, abundant surface parking, and multiple private entrances. L'Oréal recently signed an 11-year lease for the entire building with move-in expected in the fourth quarter 2015.
JLL Los Angeles Managing Director Steve Solomon represented the buyer and seller in the transaction. Solomon also represented the landlord in the leasing of the property.
"The South Bay and specifically El Segundo continues to grow as one of the hottest Los Angeles submarkets for investors and expanding businesses," said Solomon. "The buyer was attracted to this property because of its stability with a single tenant who just signed a long-term lease."
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