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5/10/16
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Intercontinental Real Estate Corporation has purchased Apollo at Rosecrans, a recently renovated four-building creative office campus in El Segundo. The complex contains 546.8k sf of space and is set on more than 13 acres at 2150 Park Place, 2120 Park Place, 2121 Park Place and 2175 Park Place, near the I-105 and the 110 Fwys. The price was not disclosed.
“The Apollo is a one-of-a-kind property. We were able to source and purchase a rare gem that is the definition of the most desired office product in the Silicon Beach area of the Los Angeles market,” says Jessica Levin, Director of Acquisitions at Intercontinental. “In addition, the asset’s location in a dense geography that provides walkability to surrounding restaurants, stores, transportation and housing options makes this precisely the environment today’s tech and creative company owners and employees are seeking.”
Following its high-end renovation, which was completed in 2015, 537.5k of space at the property has already been leased, bringing the asset to 98 percent occupancy in just 18 months, according to Levin.
The Apollo is situated along the Rosecrans Corridor, which is a major hotspot for the growing tech and creative companies in LA. Currently, the El Segundo office market is enjoying positive net absorption and the lowest vacancy rates in years.
“Rents at The Apollo are considerably below market rate values based on comparable product in the surrounding areas,” Levin adds, noting that while the property commands the highest rents in the Rosecrans Corridor, the Apollo currently leases office space at a 20 percent discount to average Silicon Beach rates.
In addition to high-end creative office finishes in the buildings themselves, such as polished concrete floors, African Mahogany accent panels, and LED strip accent lights, onsite amenities include a basketball court, dog park, biking and walking trails, shower facilities, an outdoor fire place, and a parking structure.
CBRE and Kevin Shannon of Newmark Grubb Knight Frank represented the sellers, Invesco Real Estate and Second Street Ventures, in the transaction. Intercontinental is a national real estate investment, development, and management firm headquartered in Boston.
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