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6/25/21
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A Los Angeles-based private investor paid $11.25 mil for a fully occupied, 15.7k sf ($716/sf) creative office building in El Segundo. The building, located at 2210-2218 E Maple Ave, was sold by Five Amigos LLC, a partnership comprised of the former owner-users and Australia-based investors.
Built in 2015, 2210-2218 E Maple Ave features natural light and fresh air provided by two roll-up doors with private patios, two balconies with accordion sliding glass doors, abundant windows (many operable) and skylights, and ample parking. It is part of the Elevon Campus, an innovative 46.5-acre, 15-building development that combines office and retail buildings, athletic fields, and two hotels including the new AC Hotel by Marriott.
The architecturally striking property was put on the market in January 2020 with the intent to target an owner-user as the two owner-tenants were planning to expand into new offices. Then in March, as the pandemic hit, the owner-tenants that comprised approximately 75% of the asset vacated the property as planned and the marketing was put on hold. By the middle of March 2020 the project shifted from the sale of an owner-user building to a lease listing.
Tecolote Research signed a five-year, 11.9k sf lease and moved into the space in December 2020. This, along with the existing tenant, Goodlife Physical Medicine, brought it to full occupancy.
Goleta, CA-based Tecolote Research provides decision support, program management, project controls, and software solutions to a number of United States government entities including the Department of Defense (DoD), and National Aeronautics and Space Administration (NASA). This new location for Tecolote focuses on software development and was an ideal fit for the company as it offered a cool vibe and great location for attracting young designers throughout the Los Angeles area.
Avison Young’s Neil Resnick and Method Commercial’s Martin McDermott represented the seller in the deal. The buyer was self-represented.
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