The Real Deal Los Angeles

Westport Capital Partners sells half-complete creative office buildings for $25.3M

Buyer could convert them to condos, broker says

July 08, 2016 04:00PM
By Cathaleen Chen

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Rendering of 400 Duley Road (credit: Sentinel Development)

Rendering of 400 Duley Road (image via CoStar)

Updated: Saturday, July 9, 2015: The investment firm Westport Capital Partners recently unloaded an El Segundo office complex for $25.3 million — before construction was completed.

A buyer represented by Charles Kenworthy, a Culver City attorney, paid about $345 per square foot for a set of five partially-complete creative office buildings totaling 73,360 square feet, according to CoStar.

Located at 400 Duley Road, the office buildings could be subsequently sold as individual condos. Kenworthy did not return immediate requests for comment. Eric Lastition of Colliers is the listing agent, and declined to comment.

The development is expected to be completed later this year. It is being developed by Live Oak Properties.

El Segundo has been a popular area for commercial properties. In the first quarter of 2016, the submarket saw the lowest vacancy in the South Bay, at 12.1 percent, The Real Deal previously reported.

Correction: This story has been updated to reflect that a buyer represented by Charles Kenworthy purchased the property, the developer is Live Oak Properties and information incorrectly attributed to Eric Lastition was from CoStar.