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October 27, 2021
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Newly Constructed El Segundo Building Sells for $778/sf


A 90k sf, two-story creative office asset in the heart of El Segundo has traded hands in a $70 mil ($778/sf), off-market transaction. The vacant building, located at 2221 Park Place, was recently completed and is in shell condition.

We’re told that the unnamed buyer intends to occupy the property. It was sold by 2221 Park Place Partners LLC, a partnership between Kyle Ransford of Cardinal Investments and Platform Ventures.

The building consists of flexible office space within an adaptive reuse warehouse building. The creatively inspired greenhouse workspace features a retractable rooftop, integrated landscaping, natural lighting, three-walled workspaces with open air access, flexible layout throughout, outdoor and upper level patios and contemporary technology for health and efficiency.

The property is within walking distance to a variety of restaurants and gyms as well as entertainment and retail options. The LA Metro’s Green Line connects 2221 Park Place directly with the greater Los Angeles area, from LAX to Pasadena.

Newmark’s Co-Head of Capital Markets Kevin Shannon, Executive Managing Directors Geoff Ludwig, Eric Lastition and Ken White represented the seller in the transaction.

With a recovery on the horizon, occupiers are progressively returning to the office. El Segundo remains a bright spot in the Los Angeles’ office market with major office developments occurring within the submarket and year-over-year increase in average asking rates. The South Bay vacancy rate hovered at 21.2% with an average asking rent of $3.10, according to Newmark Research’s latest quarterly report.

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