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5/22/18
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Swift Real Estate Partners has purchased a three-building, 549.2k sf office campus in El Segundo. The technology-focused property is located at 2200, 2222 and 2230 East Imperial Hwy, adjacent to the 105 Fwy just west of the 405 Fwy. Although a price was not given out, a South Bay office pro we spoke with estimates the asset traded for near $170 mil, which is over $300/sf.
The campus is currently 100% leased to AT&T (DirecTV) and Raytheon. The asset was originally developed in 1976 and sits along Imperial Highway, fronting Los Angeles International Airport. The buildings are part of DirecTV’s global headquarters and in addition to other uses serve critical engineering functions for its popular streaming platform, DirecTV Now.
The property was sold by GI Partners, who acquired the campus in 2013 and then renewed and expanded the anchor tenants. In anticipation of more than 100k sf of pending vacancy in 2019, the project’s first ever, Swift is planning to complete a significant renovation of the campus, including the central plaza with shared areas for collaboration and a full lobby revamp at the 2200 building.
Todd Tydlaska, Sean Sullivan and Mike Longo of CBRE, along with Steve Solomon and Kristen Bowman of JLL, represented GI Partners, on behalf of an investment vehicle. Mike Walker, Brad Zampa and Megan Woodring, also with CBRE, procured the financing for Swift from a balance sheet lender investing on behalf of an International Life Company.
David Boehle, Vice President of GI Partners, commented, “The sale marks the culmination of a multi-year repositioning effort, inclusive of extensive architectural planning and over 237k sf of new leasing that positioned it well for sale to a wide range of investors.”
This is Swift’s third acquisition in Los Angeles in the last 18 months, following 4640 Lankershim Blvd in North Hollywood in late 2017, and the nearby 5200 Lankershim Blvd in late 2016.
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