Starwood paid $605M for the Pacific Corporate Towers

The company paid BlackRock roughly $381 per square foot

Nov.November 09, 2017 02:00 PM
Pacific Corporate Towers (Credit: PCT)

Starwood Capital Group paid $605.5 million for the three-building complex known as Pacific Corporate Towers in El Segundo, CoStar reported.

TRD broke the news that the Greenwich, CT-based private investor was in contract to buy the office space at 100-220 Sepulveda Boulevard in September. At the time, brokers familiar with the deal correctly estimated that Starwood’s bid came in over the $600 million mark, surpassing initial estimates of $550 million to $600 million.

The sellers of the 1.59 million-square-foot site were BlackRock and General Motors Pension Trust. The joint partnership cited market conditions as motivation for the sale.

Eastdil Secured LLC represented the seller.

In addition to the PCT towers, Starwood Capital, led by Barry Sternlicht, also owns the Continental & Grand office complex just down the street. It paid DivcoWest $174 million to acquire that one. [CoStar] Natalie Hoberman

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