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11/22/16
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A partnership of Lincoln Property and an affiliate of Rockwood Capital LLC has purchased Gateway El Segundo, a 355k sf, office campus situated in El Segundo. The property, located at 300, 360, 390, 400 and 460 N Sepulveda Blvd, was sold by DivcoWest.
The property consists of three three-story, Class B office buildings along with two single-story retail buildings and outdoor meeting spaces in the heart of El Segundo’s commercial district at Sepulveda Blvd and East Grand Ave. The office buildings are currently 52 percent leased, and the retail space is fully leased to six fast casual and quick-service restaurant tenants.
“Gateway El Segundo provides an exciting opportunity to take advantage of the great Southern California weather and design both an indoor and outdoor space that is perfect for the needs of innovative technology and creative companies,” said David Binswanger, Executive Vice President at Lincoln Property Company. “We see this as a chance to contribute to the phenomenal growth of the tech industry in Silicon Beach, and capitalize on its expansion into El Segundo.”
The venture plans a multi-million dollar renovation of Gateway El Segundo to transform the property into a top-tier creative office campus. Upgrades will include improving the central courtyard to create inviting spaces for employees to work and meet; modernizing the lobbies, restrooms and fitness center; and building spec suites for smaller creative tenants seeking move-in ready spaces. The property already boasts several attributes designed to meet the needs of tenants in technology and creative industries, including large floor plates, open space, ample parking and walkable amenities.
Renovations are expected to be completed by fall 2017.
Currently, more than 3 msf of redevelopment projects have been completed or are underway in El Segundo, totaling more than $1 bil worth of development within two square miles.
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