The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
May 28, 2020
 Search RENTV
 Video Programs
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
SteelWave Spends $62 Mil on El Segundo Office Asset


SteelWave has purchased a 151.3k sf, Class A office building in El Segundo for $63.5 mil, or $420/sf. The three-story building is located at 2160 Grand Ave, east of Sepulveda Blvd and north of El Segundo Blvd.

Built in 1999 and situated on 6.45 acres, the asset features core elements that provide for a creative office repositioning opportunity including expansive, open floorplates for flexibility and ceiling height of approximately 15 feet, and natural light throughout. 2160 Grand is located adjacent to the Metro Green Line and offers immediate access to the 105 and 405 freeways.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, and Senior Managing Directors Laura Stumm and Michael Moll represented the seller, Griffin Capital Essential Asset REIT Inc. (REIT). The REIT acquired the asset for $52.7 mil in February 2014.

NKF Executive Managing Directors Eric Lastition and Geoff Ludwig served as local market experts. The buyer, SteelWave, was self-represented.

“There is a severe imbalance right now relative to the amount of opportunities available to the vast amount of value add capital looking to be placed,” said Hannan. “With its superb forward-looking CRE fundamentals, its status as the CBD of the South Bay, and its highly affluent and educated labor force, El Segundo has emerged as a target market for capital across all return metrics, and especially value add investors.”

“Steelwave has a tremendous opportunity to reposition 2160 Grand into one of El Segundo’s and the lower Westside’s premier creative office settings. The asset has fantastic physical qualities that provide an amazing canvas to activate superb indoor and outdoor areas that will no doubt help attract and capture the tenants proliferating the market,” added Stumm.

Return to the Archive page





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2020 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media