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8/09/24
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Mattel, the multinational toy manufacturing and entertainment company based in El Segundo, has purchased Grand + Nash, a newly renovated 167.8k sf creative office campus at 2160 E. Grand Ave, also in El Segundo. The asset, which is adjacent to Mattel’s current headquarters, sold for $59.2 mil, or $353/sf.
Grand + Nash is a three-story, creative office building which features a new 6.5k sf tenant amenity and experience center, a café and espresso bar, a state-of-the-art gym, 8.5k sf of outdoor space, modern communal spaces and spacious rooftop decks for second- and third-floor tenants. The property is minutes away from Los Angeles International Airport and close to numerous mass transit options, as well as El Segundo restaurants and retailers.
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White and Michael Moll, Executive Managing Director and Agency Market Leader Bill Bloodgood, Executive Managing Directors Geoff Ludwig and Eric Lastition, Senior Managing Director Eric Adams, Managing Director Alex Bergeson and Associate Aly Polo represented the seller, New York Life Real Estate Investors.
“New York Life Real Estate Investors took control of Grand + Nash, one of El Segundo’s top office properties, with a clear vision to enhance its value through strategic leasing,” said Bloodgood. “Throughout the marketing process, we attracted multiple interested buyers. After an extended negotiation, we were able to achieve a fantastic result for New York Life Real Estate Investors to exit the project well in advance of expectations.”
“This owner-user sale is yet another example of corporate tenants fixing their long-term office occupancy costs by taking advantage of attractive sector pricing at massive discounts to replacement cost,” said Shannon.
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