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
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.