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1/27/15
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Rockwood Capital and Marshall Property & Development have acquired a three building, 200k sf office campus located in El Segundo, in an all-cash transaction. The property, located at 2100 Grand Ave, 220 Continental Blvd and 240 Continental Blvd, is the former home of Rhythm & Hues Studios. The price was not disclosed.
The new owners will invest up to $20 mil to redevelop the six-acre property into a premier creative office campus. Planned improvements include new interactive outdoor common areas, additional parking and completely new tenant spaces with generous floor to ceiling heights. These improvements will provide a unique new campus workplace option for tenants in the South Bay.
Built in 1978 and 1981 by defense contractor CSC, the property is near the I-405 and I-105 freeways, providing convenient access to multiple Southern California submarkets. It is a short drive from the Los Angeles International Airport (LAX) and is walking distance from the Metro Rail Green Line. The property is minutes away from the Rosecrans Retail Corridor, which features unsurpassed access to multiple dining and night life options, hotels, personal services, entertainment, fitness and shopping.
“For more than 30 years, this property has been flying below the radar—100% occupied by various owner/occupiers and quietly operating within the marketplace. We will re-introduce the complex to the market with a fresh and relevant new look and feel,” says John MacDonald, Vice President of Acquisitions for Rockwood Capital.
“The Rhythm & Hues campus provides a unique value-added investment opportunity centrally located in the South Bay/West LA markets,” said Paul Marshall, President of Marshall Property & Development. “The existing architecture and unique campus setting provide us with a great opportunity to create what today’s tenants are looking for - indoor and outdoor gathering areas which allow tenants to interact in a creative environment."
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