Starwood to buy the Pacific Corporate Towers in El Segundo: sources

The deal follows the company’s recent purchase of another complex in the area

Los Angeles /
Sep.September 20, 2017 01:06 PM

Starwood Capital Group is in contact to buy a three-building office complex at 100-220 Sepulveda Boulevard, The Real Deal has learned.

The sellers of the 1.5 million-square-foot, 20-story Pacific Corporate Tower complex were BlackRock and General Motors Pension Trust.

Representatives at Starwood Capital and BlackRock did not immediately respond to requests. The pension trust could not be reached.

The deal price could not be confirmed. It was expected to draw in bids around $550 million to $600 million, sources said. Brokers familiar with the area said Starwood’s bid came in at more than $600 million — but that could not be confirmed.

Tenants at the Class A office site include Eva Airways Corp., Proactiv, Waters Kraus & Paul and Liberty Mutual Insurance.

Starwood Capital has been keeping busy this summer.

The Greenwich, Connecticut-based firm led by Barry Sternlicht recently purchased another El Segundo complex, dubbed Continental & Grand, for $174 million from DivcoWest. The investment firm also purchased the Jeremy West Hollywood Hotel, to be rebranded as 1 Hotel, for $280 million in June.

Most recently, Starwood Capital merged its single-family rental business with Blackstone Group in August, marking the largest deal in the single-family industry.


Related Articles

arrow_forward_ios
Angels' Arte Moreno with Elephant Lot (Brandon Richardson, Getty)
Long Beach ready to pitch for Angels
Long Beach ready to pitch for Angels
A rendering of the planned project at 1591 East Vernon Avenue in the South L.A. neighborhood of Central Alameda (Los Angeles City Planning/Photo Illustration by Steven Dilakian for The Real Deal)
How it’s going in South LA: developer eyes 23 units in place of duplex
How it’s going in South LA: developer eyes 23 units in place of duplex
The Ritz-Carlton's Herve Humler with  900 Newport Center Dr ( Google Maps, Event Interface)
Ritz-Carlton Residences headed to high rise in Newport Beach
Ritz-Carlton Residences headed to high rise in Newport Beach
VMware’s Raghu Raghuram and Broadcom’s Hock Tan with 3401 Hillside Drive and 250 Innovation Drive (VMware, Broadcom, Google Maps)
Broadcom’s offer for VMWare sets stage for office consolidation
Broadcom’s offer for VMWare sets stage for office consolidation
Tesla's Elon Musk (Getty, iStock)
Tesla plans to go Hollywood with diner, drive-in theater and EV charging station
Tesla plans to go Hollywood with diner, drive-in theater and EV charging station
Standard Communities’ Chris Cruz and 10930 Garfield Avenue
Standard Communities pays $532K per unit for newly developed South Gate apartments
Standard Communities pays $532K per unit for newly developed South Gate apartments
7000 Romaine Street and 948 Sycamore Avenue (Google Maps)
Onni Group wants to add 14-story office in Hollywood
Onni Group wants to add 14-story office in Hollywood
Vella's Zach Vella and SWRCC's Dan Langford with 1010 Sandhill Avenue (Vella Group, Southwest Regional Council of Carpenters, LoopNet)
Carpenters union buys Carson industrial from Zach Vella
Carpenters union buys Carson industrial from Zach Vella
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...